Chainlink (LINK) has seen a 14% decline in value over the past seven days, mirroring the broader market downtrend. This double-digit drop has pushed Chainlink’s price below critical support levels, making it difficult to regain upward momentum without new demand entering the market.

This analysis highlights why LINK holders may need help to turn a profit over the next few weeks. 

Chainlink to Lose Key Support Levels

Chainlink’s price movements assessed on a one-day chart reveal that it now sits below its 20-day exponential moving average (EMA). An asset’s 20-day EMA tracks its average price over the past 20 trading days. It gives more weight to recent prices, making it useful for identifying potential reversals or trends in price action.

When price falls below this key moving average, it suggests that the short-term trend has turned downward and that further price declines are more likely.

Read more: How to Buy Chainlink (LINK) With a Credit Card: A Step-By-Step Guide

Furthermore, Chainlink’s price is poised to break below its Ichimoku Cloud, lending credence to its bearish outlook. The Ichimoku Cloud gauges market trends, momentum, and support/resistance levels. When an asset’s price drops below the Cloud, it suggests a bearish phase, indicating that downward momentum is prevailing.

When this happens, the Cloud becomes a resistance level, making it more challenging for the price to rise above it without a surge in buying pressure.

LINK Price Prediction: Only a Surge in Buying Can Save the Day

LINK’s Aroon Down Line, which tracks the strength of its downtrend, currently stands at 92.66%, confirming the token’s strong price decline.

A reading near 100% indicates that the price has consistently made lower highs, signaling a strong downtrend. If this trend persists, Chainlink’s price could drop another 27%, potentially revisiting its August 5 low of $8.12.

Read more: Chainlink (LINK) Price Prediction 2024/2025/2030

However, if the altcoin sees a resurgence in buying pressure and breaks above its Cloud and 20-day EMA, Chainlink’s price may climb toward $19.73.

Bitwise Asset Management wants its crypto futures ETF (exchange-traded fund) converted from long-only strategies to rotate between crypto and US Treasuries exposure depending on market trends.

Crypto adoption continues to grow, with institutional players like Bitwise extending their reach in the space.

Bitwise Wants Its Futures ETFs to Align with Crypto and US Treasuries Trend

The firm is pushing for conversion to strategic financial instruments, ones that show flexibility to market trends in offering exposure to crypto and US treasuries.

“We have Bitwise out with another ETF filing. It will be a treasury and bitcoin rotation strategy. The ticker will be BITC,” ETF specialist James Seyffart remarked.

The conversion could happen around December 3, 2024, with the funds expected to change their names and strategies, specifically:

• BITC, the Bitwise Bitcoin Strategy Optimum Roll ETF, will become the Bitwise Trendwise Bitcoin and Treasuries Rotation Strategy ETF.
• AETH, the Bitwise Ethereum Strategy ETF, will convert to the Bitwise Trendwise Ethereum and Treasuries Rotation Strategy ETF.
• BTOP, the Bitwise Bitcoin and Ether Equal Weight Strategy ETF, will convert to the Bitwise Trendwise BTC/ETH and Treasuries Rotation Strategy ETF.

Read more: What Is a Bitcoin ETF?

The ETFs would adopt Bitwise’s proprietary “Trendwise” model, rotating from crypto into treasuries and vice versa. This strategy would minimize downside volatility while achieving long-term price appreciation.

“The new Trendwise strategies capitalize on that momentum through a trend-following strategy that rotates between crypto and Treasuries exposure based on market direction. The goal is to help minimize downside volatility and potentially improve risk-adjusted returns,” an excerpt in the press release read, citing Bitwise CIO Matt Hougan.

The strategy, which utilizes the 10- and 20-day exponential moving averages (EMA) of crypto assets like Bitcoin and Ethereum, invests in these assets when the 10-day EMA surpasses the 20-day EMA, indicating upward momentum. When the trend reverses, the investment rotates into Treasuries.

Despite these shifts, the funds’ expense ratios and tax treatments will remain unchanged, meaning that existing investors do not need to take any action ahead of the conversions.

Bitwise, a prominent player in the crypto industry, provides exposure to Bitcoin and Ethereum through its crypto ETFs, BITB and ETHW. In August, the firm expanded its footprint by acquiring European crypto fund provider ETC Group and recently filed for a spot XRP ETP.

Despite these positive strides, Bitwise is currently facing legal challenges. As reported by BeInCrypto, Vandelay Industrieshas accused Bitwise and its top executives of financial misconduct, seeking $2 million in damages. This lawsuit adds a contentious element to what has otherwise been an eventful year for the asset manager.

Sui, the native token of the Layer-1 (L1) blockchain Sui Network, has experienced a parabolic rally over the past month, reaching $1.73 — a 120% increase in 30 days.

However, market indicators signal that this rally might not last, as SUI holders are starting to sell for profit. This analysis examines potential price targets if SUI’s demand continues to decline.

Sui Sees Negative Shift in Market Sentiment

A notable indicator of the negative shift in sentiment toward SUI is its funding rate, which sits at a multi-month low of -0.067%. 

The funding rate is the periodic payment between traders who hold long positions (expecting the price to rise) and those holding short positions (expecting the price to fall). When an asset’s funding rate is negative, traders are increasingly opening short positions as they expect its price to drop. 

Read more: A Guide to the 10 Best Sui (SUI) Wallets in 2024

SUI’s sudden drop in funding rate to a multi-month low reflects the shift in sentiment from bullish to bearish. Its traders believe the price will likely decline and have begun to position themselves to profit from it.  

Moreover, SUI’s plummeting Chaikin Money Flow (CMF) confirms the falling buying pressure. As of this writing, this stands at 0.02, trending toward the zero line. 

The CMF measures money flow into and out of an asset over a specific period. When it falls, it indicates that the asset sees less buying interest. This suggests that buyers are weakening, and sellers are gaining control. 

SUI Price Prediction: A 50% Decline is on the Horizon

Readings from SUI’s moving average convergence/divergence (MACD) indicator highlight the strengthening selling pressure in the market. The coin’s MACD line (blue) is poised to fall below its signal line (orange) at press time, hinting at a bearish reversal. 

Traders view this crossover as a sign that prices may start to decline. It indicates that sellers are gaining strength, and it may be a good time for traders to consider closing long positions or initiating short positions.

If the downtrend continues, SUI’s price could drop by 50%, retesting support at $0.86. Failure to hold this level could push the price further down to $0.46.

Read more: Which Are the Best Altcoins To Invest in October 2024?

Conversely, if demand resurges and profit-taking eases, SUI might climb to $2.17, a level last seen in March.