Chainlink (LINK) started a sharp decline from the $11.60 resistance zone. The price is now trading well below $10.50 and it seems like the bears are aiming a test of the $9.00 support.
- Chainlink token price started a major decline after it failed to clear the $11.60 resistance against the US dollar.
- The price is now trading below $10.20 and the 100 simple moving average (4-hours).
- There was a break below a crucial declining channel with support near $10.40 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The current price action indicates chances of more downsides below $9.80 and $9.50.
Chainlink (LINK) Price Dives 10%
In the past few sessions, there was an increase in selling pressure on chainlink (LINK) from the $11.60 resistance. The price gained bearish momentum below the $11.20 and $11.00 support levels.
The bears remained in action, resulting in a break below the $10.50 support. Moreover, there was a break below a crucial declining channel with support near $10.40 on the 4-hours chart of the LINK/USD pair. The pair is now trading below $10.20 and the 100 simple moving average (4-hours).
