- Like a condemned man on the eve of his execution, Chainlink’s on-chain data foretells a dire fate, as traders revel in their bearish convictions 🤯.
- If the ill-fated LINK breaks below the $12.70 threshold, a precipitous 17% decline may ensue, leaving investors in a state of utter despair 😱.
As the tariff tensions escalate, Chainlink finds itself teetering on the edge of an abyss, its momentum dwindling with each passing day. The once-optimistic traders now revel in their bearish outlook, like a chorus of mournful dirges 🎶.
The Traders’ Requiem
On the 8th of July, a most inauspicious day, traders congregated to seal LINK’s fate, their bearish sentiments echoing through the hallowed halls of CoinGlass 🏰.
Like a pair of malevolent sentinels, the support and resistance levels stood watch, $12.99 and $13.83, respectively, as traders indulged in their favorite pastime: shorting LINK 🤑.
The on-chain data, a veritable harbinger of doom, revealed that traders had constructed a veritable edifice of short positions, a towering $8.64 million monolith, dwarfing the paltry $5.87 million in long positions 🌆.
The Long/Short Ratio, a pitiful 0.935, stood as a testament to the traders’ boundless pessimism, a staggering 51.68% opting for the short route, while a mere 48.32% clung to their long positions 📉.
The Price Momentum: A Lament
At press time, LINK traded near $13.49, its price having suffered a modest yet telling dip of 0.55% in the past 24 hours ⏰.
This decline, a mere whisper of the impending doom, has not only reinforced the bearish outlook but has also diminished investor and trader participation, a dwindling 12% drop in trading volume a stark testament to the pervasive despair 📉.
Chainlink: A Make-or-Break Point
AMBCrypto’s technical analysis, a clarion call to the unwary, revealed that LINK stood at the precipice, a make-or-break point, as the asset struggled to break free from the shackles of its tight range 🔓.
For over two weeks, LINK had been consolidating, a mere specter of its former self, as it approached the key resistance level, a descending trendline, its nemesis 👻.
History, that great teacher, had shown that whenever LINK had reached this level, it had faced rejection, a decline its inevitable fate 📚.
The Potential Upcoming Levels: A Glimmer of Hope?
If market sentiment were to shift, a most unlikely scenario, and the price were to break above the prolonged resistance, a daily candle above the trendline, a strong upside rally might ensue, a veritable phoenix rising from the ashes 🌟.
Conversely, if the price were to drop below the $12.70 level, a 17% decline would likely follow, a dire fate, indeed 😨.
At press time, LINK traded below the 200-day Exponential Moving Average (EMA) on the daily time frame, a downtrend its current state 📉.
Only a break above the 200 EMA and the $16 resistance level could reverse this trend, a most Herculean task, indeed 🏋️♂️.
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2025-07-09 04:13