LINK struggles to recover, trading near multi-week lows | Credit: Hameem Sarwar
Share
Key Takeaways
LINK extends downtrend as bearish momentum strengthens.
Indicators signal fading demand and rising downside risk.
Will Chainlink’s price retest the $11 support level soon?
Chainlink (LINK) has slipped back into a heavy bearish structure, with its price now trading at $13.52.
The cryptocurrency has declined by 5% in the past 24 hours, exhibiting no significant signs of recovery.
Despite brief stabilization attempts earlier in the week, Chainlink’s price has failed to regain upward momentum and continues sinking deeper into a downtrend as sellers tighten their grip.
The latest technical signals paint a decisive picture: bullish strength is fading rapidly, and LINK is edging closer to a potential retest of its lower support levels.
Will Chainlink’s price recover?
Chainlink Value Plummets
On the 4-hour chart, the Bull Bear Power (BBP) continues to flash a strong bearish signal.
The indicator prints deep red histogram bars below the zero line, confirming that sellers maintain complete control over market momentum.
The persistent negative reading shows no signs of accumulation or relief.
The Relative Strength Index (RSI) further reinforces the bearish stance. Sitting at 41.96 and trending downward toward oversold territory, the RSI indicates weakening demand and a steady decline in bullish strength.
As LINK trades below the critical mid-range and fails to produce any meaningful rebound signals, its price action tilts heavily toward further downside.
If this bearish momentum persists, LINK’s price risks revisiting the lower support zone near $11.60, a level that previously acted as the final barrier against deeper sell-offs.
On the daily chart, the MACD shows early signs of weakening bullish momentum. Although the histogram bars remain green, they are shrinking, indicating fading buyer interest as sellers tighten their control.
If momentum continues to diminish and the 26-day EMA crosses above the 12-day EMA, Chainlink’s price may struggle to produce a sustained rebound.
The Money Flow Index (MFI) currently stands at 57.35 but is trending downward, indicating slowing capital inflows.
A drop toward the neutral 50 zone would confirm deteriorating demand and increase the likelihood of further downside.
If selling pressure pushes MFI toward oversold conditions, Chainlink’s price could face an extended correction.
Examining the Fibonacci retracement, LINK is trading at $13.52, trending toward the Fib level at $10.86. This zone stands out as the next downside target if sellers remain in control.
A break below mid-range levels would reinforce the bearish narrative already reflected in momentum indicators.
A move toward $10.95 would suggest an extended correction phase, especially with no reversal signals emerging on higher timeframes.
However, if LINK’s price reverses and breaks above the 0.236 Fib line at $14.89, a short-term rebound could unfold, pushing the price toward the next resistance cluster.
Analysts Predict Bounceback
Some analysts believe LINK may stage a recovery if it manages to hold key support levels.
For instance, Crypto trader Digital Nomad Woman noted that the altcoin could pump if it holds the key support.
“Link if holds the support, can pump higher!” She posted.
Another trader, James, echoed this sentiment.
“I have looked at LINK many different ways. They are all screaming higher… PS. Double Bottoms are my favourite,” He tweeted.
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.
