The Chainlink price could lose $9 support and sellers attempt to complete the bear flag pattern amid geopolitical tension.
The Chainlink reserve expanded its holdings with a fresh purchase of over 121,000 LINK.
Derivative market data shows that the open interest tied to LINK futures contracts has plunged $400 million, suggesting a weak speculative force in price.
The Chainlink price dropped 1.95% during Thursday market hours to exchange hands at $8.89. This downtick followed a hawkish policy update from the U.S. Federal Reserve on March 18th and the escalating geopolitical tension in the middle east. However, the LINK price seeks support at $9 floor as Chainlink reserve completed another round of accumulation to bolster the asset’s long-term value. Can LINK hold the $9 floor?
LINK Faces Selling Pressure as Futures Market Cools Off
In the last three days, the Chainlink price plunged from $10 to $8.89 current trading value accounting for 11.37% drop. Consequently, the
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