Chainlink (LINK) Price Prediction: LINK/USD Has Crossed Below Its Rising Trendline

input: Chainlink (LINK), as it turns out, has been facing significant bearishness in the recent trading periods. Currently, LINK is trading at $11.36, down 2.85% in the last 24 hours.

Chainlink (LINK) has been encountering substantial bearishness, as evidenced by a 2.85% decline in the last 24 hours, pushing the price to $11.36.

Despite the decline, LINK’s market capitalization remains fairly robust at $7.4 billion. However, trading volume has dwindled by 17%, indicating a lack of interest or fervor among traders in this coin at the moment.

Technically, Chainlink has crossed below its rising trendline, a significant development in the asset’s market dynamics. This crossing has seen analysts pinpoint the subsequent major support levels at $10 and $7.50.

The priority is on $10 in the near term, where the all-important support should be found, while $7.50 may be the subsequent region of focus if the momentum continues downwards.

Chainlink is testing an important pivot level at $11.36, with near-term support at $10.86. The relative strength index (RSI) is in oversold territory at 34.96, suggesting a possibility of price reversal.

However, the high reading of the average directional index (ADX) at 26.92 indicates that the downtrend is still strong, with momentum in favor of extending the downtrend.

Volume analysis is in favor of the bearish forecast, as the volume profile is just above the average, showing persistent selling pressure.

There is controlled selling that dominates the market structure at present, with no signs of an immediate strong reversal in place.

For those who prefer to capitalize on the prevailing trend, short-term trades can be made at the $10.86 support level, with the stop-loss at just below $10.35.

For those considering taking long positions, it is best to wait for confirmation of above the $11.86 price reclamation before initiating entry, placing a stop-loss below $11.36 to contain any downside risk.

Market mood is overall cautious, with the key trend still being bearish. However, the oversold levels may offer a chance for counter-trend trading, especially in the case of a relief rally.

The near-term is negative as long as $LINK is below the $11.86 level. However, the price can see its direction changed if it manages to take out the $11.35 pivot point, especially with volume on its side. For medium-term traders, the area of resistance between $14.48 and $15.88 is still worth monitoring.

In brief, while market trends currently favor bearish opportunities, volume indicators and reversal signs should be observed for better trading perspectives.