Chainlink continues to face challenges in the current market, as bearish trends dominate its price action. Recent technical indicators suggest that the cryptocurrency is struggling to gain traction, with ongoing downside pressure evident in its trading patterns. Experts in the publication emphasize that these trends could persist if market conditions do not improve soon.
Chainlink (LINK) Downtrend Analysis
As of October 2023, Chainlink (LINK) is firmly entrenched in a downtrend, with the Relative Strength Index (RSI) hovering near oversold levels. This suggests that selling pressure remains strong, while the Moving Average Convergence Divergence (MACD) also indicates a bearish outlook.
Resistance and Support Levels
Recent trading sessions have seen LINK repeatedly rejected at key resistance levels, which limits any potential for upward movement. Immediate support is identified around the $9 mark, while resistance is noted between $10.20 and $10.50. These levels highlight the likelihood of continued bearish momentum in the near term as traders remain cautious amid the prevailing market conditions.
Recently, the Chainlink Reserve has been aggressively accumulating LINK tokens, a move that contrasts with the bearish trends faced by Chainlink in the market. For more details, see further information.
