Ripple price on the verge of being oversold as the RSI enters the oversold zone. David Tice, an investor, warns of market meltdown. The parabolic SAR indicator is still negative on the daily chart. Chainlink price has suffered under the brutish hands of the bears since recording the $54.6 all-time high (ATH) on May 10. This declines has since flipped the 20-day, 50-day and 200-day Simple Moving Averages (SMA) from support to resistance. Since May 19, LINK has spent most of the time moving below the 20-day SMA. This has seen the asset shed approximately 75% from its ATH. Numerous recovery attempts have been made which have failed to produce higher highs. Such LINK price movement highlights the relatively weaker buying pressure. Fears of a Market Meltdown Despite the crypto market recording an exponential market grown in 2021, things have been drab over the last two months or so. Major cryptocurrencies have been trapped in a sideways price action with no clear indication of the direction the market will take. Get FREE Crypto Signals Now! This market consolidation could be behind David Tice’s warning that a market meltdown could be seen within the next few months. The former Prudent Bear Fund manager believes that the stocks and the crypto markets are entering a dangerous phase. He cited the rise in debt and over-price futures earnings as his main reasons. “You look at emerging markets,” said Tice, “There’s a lot of trouble in emerging market currencies where we’ve broken to new lows.” With Bitcoin in consolidation, other altcoins, including LINK are riding on the downward train. Most assets have shed more than 50% over the last three months, indicating that bears are in general control of the market. Chain Price Could Drop Further At the time of writing, the LINK was hovering around $13.57. as long as LINK fails to produce higher highs above the 20-day SMA at around $17.25, the possibilities of a fresh downswing that slices through the support area at $13.5 increases. If this happens, Chainlink price could retest the support area around $11.0. The continued bearish outlook is validated a crypto signal from the parabolic SAR indicator which flipped from positive to negative on July 13 and has remained negative since. Moreover, the relative strength index (RSI) is on the verge of entering the oversold territory as seen on the Chainlink price daily chart. Chainlink Price (LINK/USD) Daily Chart Similarly, the Moving Average Convergence Divergence (MACD) indicator shows increasing bearish market momentum. This is illustrated by its continued movement above the signal line. Note that the bearish momentum will be validated furtehr once the MACD moves further down into the megative region. Are you new to crypto? Read our beginners’ guide on how to buy cryptocurrency to get started. Chainlink Price Could Reach These Levels Chainlink price bulls will need to overcome the 20-day SMA resistance around $17.5 to substantiate any recovery. Looking to buy or trade LINK now? Invest at eToro! Buy LINK Now Capital at risk Nancy Lubale Nancy Lubale Crypto Analyst and Technical Writer Nancy is a successful crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. View All Post By Nancy Lubale Crypto News share Read Next Gold Price Supported Above $1793, Aided by Bad Risk, Low US Yields Saqib Iqbal 10 months Ripple price on the verge of being oversold as the RSI enters the oversold zone. David Tice, an investor, warns of market meltdown. The parabolic SAR indicator is still negative on the daily chart. Chainlink price has suffered under the brutish hands of the bears since recording the $54.6 all-time high (ATH) on May 10. This declines has since flipped the 20-day, 50-day and 200-day Simple Moving Averages (SMA) from support to resistance. Since May 19, LINK has spent most of the time moving below the 20-day SMA. This has seen the asset shed approximately 75% from its ATH.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.