LINK Declines by 12% in 24 Hours as Market Sell-Off Continues

The cryptocurrency market has lost more than $1 trillion over the past two months, and further sell-off could be recorded in the coming days.

LINK is Up by 0.5% Year-to-Date

Chainlink Network (LINK) is a cryptocurrency project designed to provide tamper-proof inputs and outputs of data for smart contracts on any blockchain.

Thanks to the Chainlink network, individuals can receive on-chain and off-chain data once they connect their smart contracts to various data sources and third-party APIs (API stands for Application Programming Interface, and it is a software intermediary that allows two applications to talk to each other.)

LINK has been underperforming over the past few days. Over the past 24 hours, LINK has lost more than 12% of its value. The decline in LINK’s value comes as the broader cryptocurrency market experiences another huge sell-off.

Bitcoin’s price has dropped below the $40k level once again, and Ether has lost its support above the $3,000 mark. As a result, the total cryptocurrency market cap has declined by more than $100 billion in the last 24 hours.

Despite LINK’s ongoing bearish performance, the coin’s value is still up by less than 1% since the start of the year, outperforming some of the leading cryptocurrencies during that period.

LINK rallied earlier this month after an Ethereum whale bought $4.6 million worth of the tokens. On December 8, former Google executive Eric Schmidt joined the Chainlink Labs team as a strategy advisor.

LINK is Trading Below its 50-Day EMA

LINK has been underperforming over the past few days. Hence, it is not surprising that its technical indicators are now bearish.

At press time, LINK is trading at $19.7 per coin, below its 50-day moving average price of $22.07. The MACD line has just dropped into the negative zone as the bearish trend in the market grows stronger.

The RSI of 33 shows that LINK is currently facing selling pressure and could soon enter the oversold region. If the current market condition is maintained, LINK could drop below its first major support level at $17.33 before the end of the day.