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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Chainlink (LINK) Could Drop To $8 If It Loses Current Support: On-Chain Data Reveals

Sebastian Villafuerte
Sebastian Villafuerte
10 months ago
3 mins read

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Chainlink (LINK) has faced significant volatility this week. Its price dropped over 13% from Monday’s high, bringing LINK to a critical support level of around $11.20. Traders and investors are closely monitoring this crucial area.

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10 months ago

The importance of this level is further emphasized by on-chain data from Santiment, which shows that demand for LINK is cooling off. This adds to the uncertainty surrounding the asset’s near-term price action.

The next few days will be pivotal as Chainlink hovers around this crucial support. The outcome here could determine whether LINK stabilizes and regains its footing or faces further downside. This level will likely set the stage for LINK’s next major move, making it a critical point of interest for market participants.

Chainlink Demand Cooling Off? 

Uncertainty and fear are currently driving market sentiment for Chainlink (LINK). Its price is testing a crucial support level amid declining demand.

On-chain data from Santiment highlights a weakening market. A negative price-daily active address (DAA) divergence confirms the recent decline in LINK’s demand. This metric compares an asset’s price movements with the changes in its number of daily active addresses, providing insight into whether network activity backs the price action.

Chainlink Price-Daily Active Address Divergence.
Chainlink Price-Daily Active Address Divergence. | Source: on-chain data from Santiment

 

Currently, LINK’s price DAA divergence stands at -61.2%. This indicates a significant disconnect between its price and the number of active users on the network. Such a substantial negative divergence suggests a weakening market and hints at the possibility of further price declines.

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10 months ago

The lack of network activity to support the current price level raises concerns. Traders and investors are worried that LINK might struggle to maintain its position above the crucial $11.20 support. If demand does not pick up soon, LINK could face additional downward pressure, possibly leading to a deeper correction in the coming days.

LINK Price Action Shows Indecision

Chainlink is trading at $11.22 after losing its 4-hour 200 moving average (MA). This critical indicator now acts as low-timeframe resistance. This development has placed LINK in a precarious position, with the immediate support level being the $10.91 low marked on Tuesday.

LINK testing 4H 200 MA after losing it.
LINK testing 4H 200 MA after losing it. | Source: LINKUSD chart on TradingView

Holding above this level is essential for maintaining the possibility of a continued uptrend. If LINK sustains this support, the price could enter a period of sideways consolidation, setting the stage for a potential push toward local highs in the coming week.

However, LINK may face further downside pressure if it fails to hold the $10.91 support. Key levels to monitor include $9.50 and the $8.12 local low. A breakdown below these levels could signal a deeper correction, potentially leading to a bearish trend.

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XRP Remains Strong Despite Market Pullback: Analyst Forecasts $500 By 2025

10 months ago

On the other hand, holding above $10.91 could provide the foundation for recovery. This could allow LINK to re-test higher resistance levels and possibly continue its uptrend. Traders and investors are closely watching these price levels to determine LINK’s next move.

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

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To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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