Chainlink (LINK) Update: Will It Fall to the $10 Mark as Bears Intensify Their Position?

Chainlink (LINK) is currently experiencing a turbulent market situation, noted for its fluctuating trading range and increasing bearish sentiment from large investors. This article examines the potential trajectory of LINK’s price in light of recent market movements and key indicators.

Key Takeaways

Chainlink's daily trading range was between $13.06 and $13.41, with a current price of $13.15.
Trading volume has decreased by 28.63%, totaling $403.58 million.
More than 2 million LINK have been sold by large holders in the past week.
There's potential for LINK to test the $13.09 support level amid bearish trends.
Current market indicators suggest a slight bearish sentiment.

Chainlink (LINK) Update: Will It Fall to the $10 Mark as Bears Intensify Their Position?

Chainlink Faces Pressure: Will the Downward Trend Continue?

Chainlink's price appears likely to drop to the $13.09 support level following a bearish shift. If this momentum continues, the bears could push the price down to $13.03 or even lower. On the other hand, if buying momentum reverses, LINK could rise to the resistance level at $13.21, and any further gains might prompt bulls to drive the price above $13.27.

LINK chart (Source: TradingView)

Currently, the MACD indicator shows that Chainlink's lines have crossed below the zero line, indicating a stronger bearish trend. This downward momentum is expected to persist until the MACD crosses back above zero. The Chaikin Money Flow (CMF) indicator registers at 0.05, suggesting a slight buying pressure in the LINK market. Although there’s money entering the asset, the momentum remains weak.

Moreover, the overall market sentiment leans toward neutral to slightly bearish, as the RSI is positioned at 44.66. Chainlink isn't oversold, and it could shift to a bullish sentiment if it rises above 50, while dropping below 30 would indicate a further weakening. The BBP reading for LINK is currently at -0.11, reinforcing the presence of slight bearish dominance. The price is trading below critical levels, and momentum is weak on both ends, suggesting a potential shift could be on the horizon.

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