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- 1 LINK price signifies a bearish trend and persists in draining gains.
- 2 Buyers are staying on the back foot and have lost momentum.
The LINK price has slipped below the crucial support zone of $15 and witnessed a rounding top pattern on the charts. The trend is bearish; the token has eroded gains of over 30% and breached the 38.2% Fib support zone. The price action signifies the underperformance, and sellers have persisted in adding short positions and consistently replicating their dominance.
At press time, the Chainlink token (LINK) price traded at $13.32 with an intraday drop of 4.38%, reflecting bearishness on the charts. It has a monthly return ratio of -27.90% and 89.87% yearly. The pair of LINK/BTC is at 0.000217 BTC, and the market cap is $7.83 Billion. Analysts are neutral and suggest that the Chainlink crypto may continue to ride on the bearish track and will retest the $10 mark.
LINK Price Volume Profile Analysis On Daily Chart
On the daily charts, the chainlink token price-to-volume profile showcases a distribution from the supply region of $20. It has breached the 200-day EMA mark in the recent trading sessions. However, the token is trading close to the make-or-break region at around $11, and a significant rebound is anticipated in the coming sessions. The intraday trading volume surged over 17.29% to $263.94 Million.
Price Volatility and Weighted Sentiment Outlook
The price action replicates selling pressure, and the token witnessed a decline in the price volatility curve over 5.20% to 0.0593. However, the weighted sentiment looks neutral and stayed near the midline around -0.115.
Social Dominance and X Followers Insights
The social dominance data witnessed a nominal down move of over 3.78% to 0.454%, signifying a negative outlook in the discussion reports. However, the X followers data noted a stable move and stayed below the midline, around 1609.
Development Activity and Total Open Interest Insights
Per the Santiment data, the development data witnessed a consistent upmove and jumped to 435, showing a positive outlook. Over the past few weeks, the derivative data reflecting the prolonged unwinding activity and the open interest witnessed a severe decline of over 5.48% to $115.04 million this week.
Per the Fib levels, the Chainlink price trades below the 38.2% support zone and is close to the lower Bollinger Band support zone, directing a downtrend. Likewise, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts.
The total supply of the Chainlink token is 1 billion, whereas the volume-to-market cap ratio is 0.0341, ranked 20 in the global crypto market cap.
Summary
The Chainlink token price signifies a follow-on down move and has dragged below the crucial support zone of $15. Moreover, the trend is bearish, and an aggressive selloff was noted amidst the negative sentiments of the market.
Technical Levels
Support Levels: $11 and $10
Resistance Levels: $14 and $17
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
