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<p>The market sentiment across the cryptocurrency landscape is quite bearish. Amid this, Chainlink (LINK) turns bearish and is poised for a notable price decline but is currently at a strong support level.</p>  
<p>This negative outlook may be due to LINK’s recent price action and traders' bets over the last 24 hours.</p>  
<h2 class="wp-block-heading" id="h-chainlink-link-technical-analysis-and-upcoming-levels"><strong>Chainlink (LINK) Technical Analysis and Upcoming Levels</strong></h2>  
<p>According to expert technical analysis, LINK appears bearish and is on the verge of breaking down the inclined trendline of its ascending triangle price action pattern on a daily time frame. Since the beginning of August 2024, LINK has been supported by this inclined trendline, experiencing buying pressure and upward rallies each time.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/03041658/LINKUSDT_2024-11-03_04-16-50.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/03041658/LINKUSDT_2024-11-03_04-16-50-1024x448.png" alt="" class="wp-image-375375"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>  
<p>However, due to the negative outlook and traders' bearish sentiment, the asset now appears at risk of breaking down from this support level.</p>  
<p>Based on the historical price action, if LINK breaks out and closes a daily candle below this crucial support level of $10.65, there is a strong possibility that the asset could decline by 20% to reach the $9 level in the coming days.</p>  
<p>Currently, <a href="https://coinpedia.org/price-analysis/chainlink-price-prediction-link-marines-prepared-for-a-25-upswing-to-end-the-monthly-trade/" rel="noopener noreferrer nofollow">LINK</a> is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, indicating a downtrend. In trading and investing, traders often use the 200 EMA on the daily chart to determine whether an asset is suitable for the short side or the buy side.</p>  
<h2 class="wp-block-heading" id="h-link-s-bearish-on-chain-metrics-nbsp"><strong>LINK’s Bearish On-Chain Metrics&nbsp;</strong></h2>  
<p>LINK’s negative outlook is further supported by on-chain metrics. According to the on-chain analytics firm <a href="https://www.coinglass.com/currencies/LINK" target="_blank" rel="noopener noreferrer nofollow">Coinglass</a>, LINK’s Long/Short ratio currently stands at 0.94, indicating bearish sentiment among traders. Additionally, its open interest has dropped by 4.5% over the past 24 hours and jumped by 1.5% over the past four hours.</p>  
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/11/03041806/image-14.png" rel="noopener noreferrer nofollow"><img src="https://image.coinpedia.org/wp-content/uploads/2024/11/03041806/image-14-1024x360.png" alt="" class="wp-image-375376"></a>
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>  
<p>This drop in open interest for LINK suggests declining interest among investors and traders.</p>  
<h3 class="wp-block-heading" id="h-current-price-momentum-nbsp"><strong>Current Price Momentum&nbsp;</strong></h3>  
<p>At press time, LINK is trading near $11.20 and has experienced a 1.1% price decline in the past 24 hours. During the same period, its trading volume dropped by 34%, indicating reduced participation from traders amid a broader price decline across the crypto market.</p>

Chainlink (LINK) Could Fall by 20%, Key Levels to Watch

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