Chainlink prices set to drop again as bulls lose control

The RSI declined steadily over the past few days, showing strong downward momentum. The market structure was also bearish after the move below $6.14 on 9 September.

showed it has delivered 10 billion high-quality data points on-chain. The sentiment also saw a slight positive change over the past couple of days, but the optimism might have begun to evaporate.The price charts showed LINK was unable to hold on to a short-term support zone that the bulls established last week. The weekend saw prices slide lower and bearish pressure increase.The 4-hour chart showed a bearish order block at the $6.2 zone, highlighted in red.

The RSI declined steadily over the past few days, showing a shift in momentum toward bearishness. The market structure was also bearish after the move below $6.14 on 9 September. The OBV, which saw a bounce alongside the prices last week, was trending lower. The price action and indicators support the idea that LINK would face more losses. To the south, the $5.7 and $5 are the next levels of significance from the higher timeframe price charts. We will likely see a move to these support levels in the coming days and weeks.Data from Coinalyze showed that the Open Interest has slowly fallen lower since 8 September. At this time LINK prices were also in a short-term downtrend.

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