Chainlink (LINK) continues to face bearish pressure, trading at $8.29 after a significant daily decline. Analysts indicate the cryptocurrency must reclaim the $9.20 resistance level to avoid further losses and potentially target $12. Technical indicators, including a low RSI and negative MACD, signal ongoing weakness and investor caution in the market.
Chainlink (LINK) is struggling to overcome key resistance as bearish momentum persists. The asset is currently trading at $8.29, reflecting a 6.26% drop over 24 hours according to data from CoinMarketCap.
Analyst CRYPTOWZRD recently noted that daily charts appear bearish. “Chainlink needs to reclaim key resistance levels to start a stronger trend,” they stated.
The analyst added that both LINK and LINK/BTC pairs closed bearishly. “Unless Bitcoin shows positive dominance, LINK could face further declines,” CRYPTOWZRD said.
Key resistance is seen at $9.20, with short-term support at $8.20. A confirmed break above resistance could open a path toward the $12 level.
Technical indicators reinforce the weak outlook. The Relative Strength Index (RSI) sits at 30.12, signaling potential oversold conditions.
Moving averages show strong bearish pressure with all major averages above the current price. The Moving Average Convergence Divergence (MACD) also indicates negative momentum, with both its line and signal line remaining below zero.
