The Chainlink token price has experienced a bearish trend, resulting in losses. Buyers have not been able to regain momentum and remain on the defensive.

The price of LINK has fallen below the critical support level of $15 and formed a rounding top pattern on the charts. The trend is bearish, with a decline of over 30% and a breach of the 38.2% Fibonacci support level. Sellers have continued to dominate by adding short positions.

Currently, the Chainlink token (LINK) is trading at $13.32 with a 4.38% intraday drop, indicating bearishness. The monthly return ratio is -27.90%, with an annual return of 89.87%. The LINK/BTC pair is at 0.000217 BTC, and the market cap stands at $7.83 billion. Analysts predict that the Chainlink cryptocurrency may continue on its bearish path and potentially retest the $10 price level.

LINK Price Volume Profile Analysis On Daily Chart

The daily chart analysis reveals a distribution in the supply area of $20 for the Chainlink token price-to-volume profile. It recently broke below the 200-day EMA. However, it is trading near a crucial level of $11, suggesting a possible significant rebound. Intraday trading volume has surged by 17.29% to $263.94 million.

Price Volatility and Weighted Sentiment Outlook

Selling pressure is evident as the price volatility has decreased by 5.20% to 0.0593, but the weighted sentiment remains neutral around -0.115.

Social Dominance and X Followers Insights

Social dominance data has slightly decreased by 3.78% to 0.454%, indicating negative discussions. The X followers data has remained stable at around 1609.

Development Activity and Total Open Interest Insights

According to Santiment data, development activity has increased to 435, showing a positive outlook. However, derivative data reflects unwinding activity with open interest declining by 5.48% to $115.04 million.

The Chainlink price is currently below the 38.2% Fibonacci support level and near the lower Bollinger Band support zone, indicating a downtrend. The RSI curve is in the oversold region with a negative crossover.

The total supply of Chainlink token is 1 billion, with a volume-to-market cap ratio of 0.0341, ranking 20 in the global crypto market.

Summary

The Chainlink token price continues to decrease, falling below the critical support level of $15. The overall trend remains bearish, with significant selling pressure in the market.

Technical Levels

Support Levels: $11 and $10

Resistance Levels: $14 and $17

Disclaimer

The views and opinions expressed in this article are for informational purposes only and should not be considered financial or investment advice.