"LINK Plunges 20% as Oracle's Momentum Falters"

Chainlink (LINK) has experienced a significant 20% drop in its price, as a recent breakout attempt failed to gain traction. The altcoin, which had been performing well amidst the expansion of the RWA tokenization sector and increased institutional interest, has struggled to maintain its momentum.

The price of LINK has been hovering around $18, after facing significant volatility in the past 24 hours. Despite its crucial role as an Oracle price feed provider and its recent integrations with other blockchain platforms, LINK has failed to overcome the key resistance at $20. This signals weakness in the altcoin's performance and positions it for potential bearish actions amidst prevailing macro headwinds.

The failure to sustain above the $17 local bottom, formed on February 10, could trigger a dip towards the $14 region. This would translate to an over 20% decline from LINK's current prices. However, interest from smart traders and large-scale investors could potentially rescue the altcoin from the projected dip.

LINK's price action suggests a deterioration in daily trading volume, indicating weakness in its performance. The Moving Average Convergence Divergence (MACD) confirms the overwhelming bearish pressure, with a visible bearish cross with the signal line on the daily chart. A break beneath $17 might attract more selling activity, extending the downside to $16, which coincides with the 200-day Simple Moving Average (SMA). Such a performance could see LINK visiting the $14.75 mark soon, translating to a nearly 22% loss from current values.

However, the daily chart flashes hope as LINK maintains its price beyond the 200-day SMA (at $16.23). The moving average has historically offered a rebound launchpad, and amplified momentum above $16 could trigger significant reversals towards $20. Nevertheless, bulls should prepare for the robust resistance at $21.31 (50-day SMA), which can mean extended consolidations.

While LINK stares at declines after failing to overcome $20, whale insights indicate optimism. Dip-pocketed investors show interest in Chainlink at its current levels, with whales purchasing more than 1.10 million tokens. This indicates trust in the alt's performance. Additionally, iCrypto.ai data shows Smart DEX traders accumulating