can chain link [LINK] Blow up in the next 30 days?

• LINK crashed, with repeated “death crosses” and multiple double bottom patterns.
• The altcoin’s RSI and Ichimoku Cloud confirmed that the bears were dominant at the time of publication.

In the last two weeks, Chainlink [LINK] has seen a 25% decline, raising questions about its short- and long-term prospects.

This sharp drop worried investors, prompting AMBCrypto to closely analyze LINK’s potential for a breakout in the next 30 days.

Chances of a rebound are low

We examine last month’s LINK trading chart to see the prominent bullish indicator known as the double bottom pattern.

As seen in the chart below, LINK has seen multiple double bottoms, showing three cases of bullish reversal.

The fact that the price frequently remains near or below the lower Bollinger Band means that there is a lot of bearish pressure, but it also points to possible oversold conditions that could tempt buyers to return to the market.

The 50-day MA has crossed below the 200-day MA, the infamous “death cross” signal that typically indicates a bearish market outlook and potentially further declines.

The RSI values ​​have mostly remained below the 60 level, often hovering around or below the midline (50), suggesting that the bears are in control.

The lack of a sustained move above 60 reinforces the lack of bullish momentum in the near term.

LINK is stuck with the bears.

The price tested and slightly surpassed the previous support level around $13.50 but failed to sustain due to continued bearish pressure.

The price action is constantly below the Ichimoku Cloud, indicating a strong bearish trend.

This means that LINK has absolutely no immediate signs of recovery, which is reinforced by the fact that the MACD line (blue) is below the signal line (orange) and close to the zero line.

Only 37% of LINK holders are making a profit at the current price, and the majority (54%) are out of money. This has contributed to selling pressure as investors try to minimize losses.

IntoTheBlock’s AMBCrypto analysis showed that currency inflows are lower than outflows ($35.48 million vs. $36.54 million).

Realistic or not, here is LINK market cap in terms of BTC

So. More LINK was being taken off Exchanges, potentially into private wallets. This is a sign of accumulation, and wherever there is accumulation, there are bulls.

While LINK is unlikely to break out in the next 30 days, it still has great long-term potential.

This is an automatic translation of our English version.