Chainlink ($LINK), the leading oracle network in crypto, is under significant pressure after tumbling over 14% in the past 24 hours. The Chainlink price is currently around $10.94, a drop from $12.82 just a day prior, and it is dangerously close to key support levels.
As the Bitcoin price falls below $77k and volatility picks up across the crypto market, traders and analysts are trying to decipher whether this dip is a buying opportunity or a sign of more pain to come.
Chainlink Price Dips to $10.94: Testing Key Support
A quick look at the current chart reveals a clear downtrend. LINK has been consistently experiencing sequential lower highs and lower lows since peaking in February, and the breakdown below $11 has sent warning signals across the market. Some analysts now point to $10.90 and $9.40 as potential support levels—critical zones that could determine whether LINK stabilizes or slides further.
Technical indicators back the bearish pressure. TradingView’s daily analysis indicates that LINK is flashing a “strong sell” signal. Out of 26 moving average indicators, 15 currently suggest selling. The RSI (Relative Strength Index) stands at 30.23, nearing the oversold zone, while most oscillators are still neutral. This paints a picture of a market under stress but not yet in full capitulation mode.
TrendFi, a leading market tracker, highlighted that LINK is preparing to retest its $10.90 support—a level that could also open the door for a deeper correction toward $9.40.
Many view these zones as prime entry points for long-term accumulation, particularly given Chainlink’s strong role as the leading oracle network for smart contracts.
Analyst Eyes on $12 and $17 Zones
In contrast, Tom Tucker, a technical analyst, maintains a cautiously optimistic outlook. He suggests that the $12.00 zone could act as a key rebound point, aligning with a 0.5 Fibonacci retracement and a significant long-term trendline. If bulls defend this level and manage a strong bounce, the LINK price could potentially revisit $19 in the coming weeks.
Despite the short-term chaos, LINK remains within a broad consolidation range. Crypto trader AMCrypto pointed out that LINK has been trading within an upward-sloping channel without showing significant directional strength. No big moves are expected unless it breaks above $17—a major resistance level.
Chainlink’s long-term value proposition continues to give it a solid foundation. Its use case as a vital infrastructure project powering real-world data feeds for DeFi, gaming, insurance, and tokenized assets is not in question.
However, the market does not seem to reward fundamentals currently—technicals, sentiment, macro trends, and ongoing trade wars are driving the price.
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