Will It Defend the $10 Floor?

• Chainlink is hovering around $11.
• LINK’s trading volume is up by over 38%.

2.06% uptick within the market triggers the majority of the crypto assets to gain momentum, and at press time, found in the green. However, fear lingers with the risk ahead across the digital assets, with the Fear and Greed Index value holding at 37. Bitcoin (BTC) and Ethereum (ETH), the largest assets, have spiked to gain momentum. 

Over the last 24-hours, Chainlink (LINK) has recorded a 0.71% increase in value. The asset’s lowest and highest trading range falls between $11.84 and $12.16. As per CoinMarketCap data, at the time of writing, Chainlink trades within the $11.97 zone, with its daily trading volume having soared by over 38.98% to the $394.9 million mark. 

With the current bearish trading pattern, the Chainlink price could fall toward the support at the $11.77 range. If the bears turned more powerful, it may invite the death cross to unfold and further retrace to test the $11.56 level. Once the bulls gain control over the LINK market, the price momentum takes a turn toward upside and climbs to a resistance at $12.17. Applying additional bullish pressure pushes out the golden cross to emerge and drive the price above $12.37. 

Chainlink Momentum Slips: Technicals Point to Bears Taking Charge

When both the Moving Average Convergence Divergence (MACD) and signal lines are below the zero line, it points toward the bearish side. Chainlink’s short-term price action is weaker than the long-term trend. If the lines start rising upward, it hints at a potential trend shift.

Besides, the Chaikin Money Flow (CMF) indicator at -0.20 shows strong selling pressure in the LINK market. The money is flowing out of the asset, while the demand remains weak. This confirms bearish sentiment, and unless it rebounds to zero, this could suggest accumulation returning.

Chainlink’s daily Relative Strength Index (RSI) resting at 48.94 sits near the neutral zone, displaying balanced momentum, with neither bulls nor bears in control. A strong move could follow once it breaks above 50 or below 45. Notably, LINK’s Bull Bear Power (BBP) reading at 0.12 is a slightly positive reading, signalling that bulls have a mild edge, but the momentum is weak. Buyers are present, but it is not enough to indicate a clear bullish breakout.