Key Insights
- •LINK remains in a bearish wave (Z), targeting the $13.30–$12.14 Fibonacci support zone.
- •Daily momentum indicators show weakness, with RSI near 35 and no MACD crossover in sight.
- •Price action stays under trendline resistance, with $16 capped and lower support levels being tested.
Chainlink (LINK) remains under selling pressure as the price continues to drift lower. At the time of writing, LINK was trading around $14.20, reflecting a 2% drop in the past 24 hours and an 8.4% decline over the last seven days. Price action continues to respect the broader downtrend, with no clear signs of strength from buyers.
LINK has not recovered key resistance levels and remains within a downward pattern. Traders are closely monitoring the next support zone, with attention now shifting to the $13.30 to $12.14 range.
Market Structure Shows Ongoing Correction
LINK appears to be moving through wave (Z) of a larger corrective structure. The recent chart data supports this view, showing a five-wave movement forming inside wave (Z). The price continues to follow a descending path, in line with this ongoing pattern.
More Crypto Online noted,
“It is still expected that the $13.30 - $12.14 area will be tested next.”
This range is also backed by Fibonacci levels, where 78.6% sits near $13.35 and 88.7% aligns with $12.14. These levels are now seen as the next possible areas of interest if the move extends further to the downside.
Daily Chart Remains Weak Below Resistance
On the daily timeframe, LINK closed with another red candle. The asset is still below $15 and continues to face pressure under the trendline that started from the September peak. Resistance remains near $16. Support below lies between $13.30 and $12.50, followed by deeper levels if current support fails.
CryptoWZRD commented,
“$LINK closed bearish and can move in either direction depending on Bitcoin’s next move.”
The market appears cautious, with traders watching for Bitcoin’s influence over broader sentiment.
Momentum Signals Still Point Down
Momentum indicators continue to lean bearish. The MACD lines remain under zero, and the histogram shows limited momentum. No reversal is visible at this stage. The RSI is now at 35.52, suggesting weak price strength but not yet in oversold territory.