LINK price
Chainlink’s price fell by 3% to $16.60 following the Federal Reserve’s 25 basis point rate cut, which failed to invigorate risk assets in the crypto market. The rate cut, intended to stimulate economic activity, instead triggered a selloff in cryptocurrencies, impacting LINK’s value significantly. As a result, LINK is now testing a critical support level at $16.37, which aligns with the lower boundary of the Bollinger Band. The technical deterioration in the market suggests that investors are cautious, leading to further declines in LINK’s price. The overall sentiment in the crypto market remains bearish as traders react to the Fed’s decision.
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