Chainlink Drops 10% Amid Crypto Selloff; New Rewards Program Unveiled

💡 DMK Insight

The oracle network’s token is struggling, hitting its lowest price since the October 10 crash, and here’s why that matters: Breaking key support levels indicates a loss of bullish momentum, which could lead to further declines. Traders should be cautious, as multiple failed breakout attempts last week suggest a lack of conviction in the buying interest. This could trigger stop-loss orders, amplifying downward pressure. If the token can’t reclaim previous support, it may test even lower levels, potentially dragging related assets down with it, especially those reliant on oracle data. On the flip side, this situation might present a buying opportunity for contrarian traders if they see value at these lower levels. Watch for any signs of accumulation or a reversal pattern on the daily charts. Key levels to monitor include the recent lows and any potential resistance around previous support points. If the token can bounce back above these levels, it could signal a shift in sentiment.