What to know:
- Chainlink is trading near $8.89, which represents a decline by 5.04%, with daily trading volume at $516.20M and market capitalization at $6.46B.
- Bearish sentiment prevails, and $9.50 resistance zone breakout can lead to a rally towards $12.
- Intraday support at $8.95; breakdown risks $7.30, while $9.65 reclaim signals strength.
Chainlink (LINK) is facing sustained selling pressure as short-term sentiment remains bearish and volatility continues to dominate price action.
Currently, Chainlink price is hovering near $8.89, reflecting a 5.04% decline over the past 24 hours as selling pressure weighs on market momentum. As for daily trading volume, it stands at $516.20 million, and market capitalization is $6.46 billion. Thus, the token dominates the crypto market with its 0.26% share.
Also Read | Hyperliquid Breaks Rising Channel: Is HYPE Heading Toward $54 Next?
Bearish Close as Volatility Pressures Price Action
As noted by analyst CRYPTOWZRD in the latest X post, LINK bears are gaining further strength amid volatility, with the LINK/USDT and LINK/BTC trading pairs seeing price fluctuations.
At the moment, the LINK token is trading in the proximity of $9.50 resistance zone. A breakout above this price barrier could facilitate a rally towards $12. On the other hand, failure to maintain support zones could increase downside risk, with $7.30 acting as the next important level if selling continues.
Chainlink Price Intraday Support at $8.95 Remains Critical
On the one hand, from the intraday perspective, price movements continue to lack stability. However, at the moment, price is supported by the level of $8.95. Once broken, this point will result in further pressure exerted downwards, whereas a return above $9.65 will imply a possible recovery.
The four-hour chart presents a structure in the context of shorting the LINK/USD pair. An entry into the trade will happen at a region around $10.61, which will involve a stop-loss placement at $11.13, and staged targets extending down toward $9.81, $9.20, and $8.29.
The structure reflects a gradual exit plan, where portions of exposure are reduced as each target is reached, while protective levels are adjusted to manage risk.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | Chainlink Price Holds $9.55 Support as Breakout Target Nears $10.12
Be the first to comment