Resistance

Chainlink

Daily

<ul class="list-ic vertical">
 <li><span>1</span> <a>LINK price signifies a bearish trend and persists in draining gains.</a></li>
 <li><span>2</span> <a>Buyers are staying on the back foot and have lost momentum.</a></li>
</ul>
<p>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.</p>
<p>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.</p>
<h2 class="wp-block-heading" id="strong-link-price-volume-profile-analysis-on-daily-chart-strong"><strong>LINK Price Volume Profile Analysis On Daily Chart</strong></h2> <iframe loading="lazy" title="Santiment Chart: Price (LINK), Volume (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-10-30T18%3A29%3A59.418Z&amp;dt=2024-04-30T18%3A29%3A59.418Z&amp;sat=shchcfg_laILfpCZovmt&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Bchainlink%3BLINK%5D%3B%5B1%3Bvolume_usd%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22candle%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22line%22%7D" scrolling="no"></iframe>
<p>On the daily charts, the chainlink token <a href="https://www.thecoinrepublic.com/2024/04/29/can-helium-crypto-boost-a-rally-and-claim-a-higher-price-level/" target="_blank" rel="noopener noreferrer nofollow">price</a>-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.</p>
<h3 class="wp-block-heading" id="strong-price-volatility-and-weighted-sentiment-outlook-strong"><strong>Price Volatility and Weighted Sentiment Outlook</strong></h3> <iframe loading="lazy" title="Santiment Chart: Price Volatility 1d (LINK), Weighted sentiment (Total) (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-10-30T18%3A29%3A59.418Z&amp;dt=2024-04-30T18%3A29%3A59.418Z&amp;sat=shchcfg_laILfpCZovmt&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_volatility_1d%3Bchainlink%3BLINK%5D%3B%5B1%3Bsentiment_volume_consumed_total%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B" scrolling="no"></iframe>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-social-dominance-and-x-followers-insights-strong"><strong>Social Dominance and X Followers Insights</strong></h3> <iframe loading="lazy" title="Santiment Chart: Social Dominance (LINK), Twitter Followers 7d (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-10-30T18%3A29%3A59.418Z&amp;dt=2024-04-30T18%3A29%3A59.418Z&amp;sat=shchcfg_laILfpCZovmt&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bsocial_dominance_total%3Bchainlink%3BLINK%5D%3B%5B1%3Btwitter_followers_7d%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>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.</p>
<h4 class="wp-block-heading"><strong>Development Activity and Total Open Interest Insights</strong></h4> <iframe loading="lazy" title="Santiment Chart: Development Activity (LINK), Total Open Interest in USD (LINK)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=near-protocol&amp;pt=NEAR&amp;df=2023-10-30T18%3A29%3A59.418Z&amp;dt=2024-04-30T18%3A29%3A59.418Z&amp;sat=shchcfg_laILfpCZovmt&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Bchainlink%3BLINK%5D%3B%5B1%3Btotal_open_interest%3Bchainlink%3BLINK%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
<p>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.</p>
<p>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.&nbsp;</p>
<p>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.</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>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.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<p><strong>Support Levels:</strong> $11 and $10</p>
<p><strong>Resistance Levels:</strong> $14 and $17</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>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.&nbsp;</p>

LINK Price Prediction: Can LINK Stretch The Down Move To $10?

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Thecoinrepublic.com

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