LINK Struggles Below Key Levels as Bulls Dominate Crypto Market

• Chainlink’s integration with Hedera aims to enhance DeFi security and transparency.
• Moving Averages for LINK show signs of a possible bearish crossover.

Chainlink (LINK) has dipped 6.03% in the last 24 hours, trading at $28.03. Its market cap stands at $17.76 billion, marking a 3.67% decline. Trading volume, however, rose slightly by 0.96% to $1.75 billion, with a market cap ratio of 9.91%. Despite recent integrations, LINK faces bearish sentiment amid broader market weakness.

Hedera’s recent integration with Chainlink’s decentralized data feeds enhances DeFi security and real-world asset tokenization. Chainlink’s Proof of Reserve feature boosts transparency with real-time verification, but the positive developments have yet to reverse LINK’s price decline.

Technical Indicators for LINK

LINK’s current price action signals weakening momentum. The primary resistance stands at $30. Repeated failures to breach this level have triggered selling pressure. A break below immediate support at $24 could push LINK toward $22, a key zone for preventing further declines.

The 9-day moving average (MA) at $26.89 has flattened, while the 21-day MA at $24.19 remains upward. However, the narrowing gap between the two MAs indicates a potential bearish crossover. If the 9-day MA crosses below the 21-day MA, it could signal an extended downtrend for LINK.

The Relative Strength Index (RSI) stands at 67.19, reflecting reduced buying momentum. The RSI average at 68.86 shows that LINK is approaching neutral territory after weeks of being near overbought levels. If RSI drops below 60, it will confirm bearish control.

The candles also show increased selling pressure as LINK struggles to maintain its gains near $28. Lower highs and consistent rejections around resistance suggest a bearish continuation unless buying volume improves.

Chainlink’s bearish technical indicators highlight a potential correction. The failed attempts to break the $30 resistance signal weakness. If LINK falls below $24 support, bears could push prices toward $22 or lower.

The Hedera collaboration boosts long-term fundamentals, but market sentiment remains cautious. LINK traders must watch for a bearish moving average crossover and declining RSI levels for further confirmation. Short-term recovery depends on LINK holding above critical support zones while buyers regain control.

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