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Chainlink (LINK) Under Bearish Pressure as Market Sentiment Shifts Amid Economic Uncertainty
Chainlink (LINK) Under Bearish Pressure as Market Sentiment Shifts Amid Economic Uncertainty
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Chainlink LINK News -
Chainlink's price resilience faces challenges as macroeconomic factors and technical indicators align. The token declined 0.55% to $13.49 on July 9, revealing underlying weaknesses in its market structure.
Derivatives data shows a clear bearish bias, with $8.64 million in short positions surpassing $5.87 million in longs. The 0.935 Long/Short Ratio indicates most traders now anticipate further downside.
Technical analysts identify $12.70 as a crucial support level. A break below this point could trigger stop-loss orders, potentially accelerating the decline toward the $10.50 range - representing a 17% drop from current levels.
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