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Chainlink (LINK/USD) has been under pressure of late. The losses in the week stand at 8.28% after accelerating by an intraday of 2%. The cryptocurrency has now lost about 88% of its value since last year’s high of around $53. But is Chainlink set to fall further?
Chainlink price drops to $7.13 amid bearish pressure
LINK bottomed at $6.0 in June as recovery looked sustainable. Currently, LINK trades at $7.13 from a local top of nearly $10 in August. The August high reflected optimism around Chainlink Economics 2.0. In particular, a token staking mechanism introduced by the new roadmap inspired the crypto community. The update also introduces long-term security on the network.
Consequently, the current LINK price reflects a broader concern than the blockchain’s specifics. A weak crypto sentiment due to macro concerns is responsible for the losses. Last week, US job numbers came stronger than expected, raising the speculations of economic tightening.
On Thursday, the US will release the inflation report
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