Chainlink (LINK) slips 7% to $12 as bearish signals strengthen. Analysts watch key support and warn of further downside if $14–$15 isn’t reclaimed.
Chainlink slips 7% to $12 as bearish signals strengthen. Analysts watch key support and warn of further downside if $14–$15 isn’t reclaimed.Chainlink is trading lower this week as sellers regain control.
The price has slipped to around $12 at press time, following a 7% drop in the past 24 hours. Meanwhile, the focus now turns to whether it can stabilize or if the path lower toward $8 is now open.LINK lost support at the $15 level recently. That level marked the 0.618 Fibonacci retracement zone, often used to gauge trend strength. Since breaking below it, the price action has turned more bearish. LINK is now hovering below the former ascending channel that guided its trend from mid-2023.retesting the breakdown zone before a move toward $8. ” He pointed to prior support now acting as resistance. Unless the price reclaims the $14–$15 area, downside risk remains. The next key levels are around $10 and $8, in line with historical reactions on the chart.In addition, on the short-term chart, LINK was rejected at descending trendline resistance. The failed breakout led to a sharp drop, confirmed by increased volume. The move reflects selling interest at higher levels, with no sustained buying follow-through.Chainalink’s Supply Shock Begins? 15 Million Tokens Vanish From Exchanges in 30 DaysNotably, technical indicators also reflect this. The 50-period EMA and 200-period SMA are both trending downward and remain above the current price, signaling that the broader structure has not yet shifted in favor of buyers.LINK is now nearing a key support zone. This area has seen previous bounces, and traders are watching for any reaction. If it stabilizes here, a short-term bounce may follow. Otherwise, a break below this range could open the door to lower targets.Market Sentiment and Developmentsthat large wallets offloaded or redistributed over 31 million LINK in recent weeks. Despite this, Chainlink has continued to rank among the most active projects in terms of development, as we recentlyOlivia Stephanie is a FinTech enthusiast with a sharp insight into financial markets. Her deep interest in economics and finance drives her exploration of blockchain innovations and the evolving world of cryptocurrencies.
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