LINK charts breaks bullish structure | Credit: Hameem Sarwar
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Key Takeaways
LINK price has dropped 8.44% in the past week, and is now trading inside a falling channel.
A death cross on the 4-hour chart and rising exchange inflows suggest mounting sell pressure.
Unless bulls reclaim $20.49, Chainlink’s price may fall below $14.98 and risk hitting $10.
Chainlink (LINK) has slipped back below the $20 mark, giving up gains it briefly reclaimed on July 21. Over the past seven days, Chainlink’s price has shed 8.44%, signaling a loss of short-term bullish momentum.
As of press time, the token is trading at $17.33, with sellers regaining control and the market eyeing key support levels for the next move. So, what’s next for the token?
Chainlink’s Trend Flips Bearish
Earlier this month, Chainlin joined the broader altcoin rally, posting impressive gains. But that momentum has since flipped.
LINK is now trading within a falling channel, signaling a clear shift to bearish short-term price action.
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That’s not all. On the 4-hour chart, the 20-period Exponential Moving Average (EMA) (blue) has crossed below the 50 EMA (yellow), forming a death cross — a pattern that typically confirms accelerating downward pressure.
Therefore, unless bulls reclaim key levels, Chainlink’s price may continue to drift lower in the near term. A closer look at the chart shows that LINK has dropped below a key demand zone.
As long as bears remain in control, the cryptocurrency risks declining toward the underlying support at $15.90.
Beyond the technicals, on-chain data from Glassnode reveals an upswing in Chainlink’s exchange inflows—a trend that could reinforce the recent price weakness.
On July 26, just 848,890 LINK flowed into centralized exchanges. But that figure has now more than doubled, with over 1.67 million LINK deposited at the time of writing.
Rising exchange inflows typically point to growing intent to sell. Combined with the bearish setup on the 4-hour chart, this surge may signal intensifying short-term sell pressure on LINK’s price.
The bearish momentum on LINK’s 4-hour chart is also echoed on the daily timeframe. A closer look at the LINK/USD daily chart shows a deepening shift in sentiment.
The Moving Average Convergence Divergence (MACD) has slipped into negative territory, signaling a potential trend reversal. More notably, the MACD line has crossed below the signal line, forming a bearish crossover.
With this confirmation on the higher timeframe, LINK’s short-term outlook remains tilted to the downside. As it stands, Chainlink’s price is unlikely to break the resistance at $20.49.
Due to that, the altcoin’s value risks declining below the support at $14.98. If bears pull LINK to this low point, the value risks falling as low as $10.
On the contrary, if the MACD forms a bullish crossover, this prediction might be invalidated. In that case, LINK’s price might bounce toward $26.46, eventually $30.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
