- Chainlink’s price is currently under bearish pressure, trading at $11.36, down by 2.85% in the last 24 hours.
- Technical indicators suggest that the next major support levels for LINK are at $10 and $7.50.
- Market sentiment remains subdued, with a decrease in trading volume by 17%, indicating a cautious investor outlook.
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.
In spite of the decline, its market capitalization has been fairly robust at $7.4 billion. Trading volume has dwindled by 17%, however, an indication that there is no considerable interest or fervor among traders in this coin at the moment.
Technically, Chainlink has crossed below its rising trendline, marking an important change in the asset’s market dynamics. This crossing has seen analysts pinpoint the subsequent major support levels at $10 and $7.50.

Though the priority is on $10 in the near term, where the all-important support should be found, $7.50 may be the subsequent region of focus if the momentum continues downwards.
Technical Configuration of Chainlink
Digging into the technical configuration, Chainlink is testing an important pivot level at $11.36, with near-term support at $10.86. The relative strength index (RSI) is at an oversold level of 34.96, hinting at the possibility of price reversal.
Still, 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 wish to take advantage of the prevailing trend, short-term trades can be made at the $10.86 support level, with the stop-loss at just below $10.35.
Key Considerations for Long Positions
For those who are thinking of taking long positions, it is important that they wait for confirmation of above the $11.86 price reclamation before initiating entry, with the placement of a stop-loss below $11.36 in order 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 short, while market trends are currently on the side of being bearish, volume indicators should be monitored as well as reversal signs for better trading opportunities.
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