Chainlink Price Teeters on Edge of Key Support Level at $11.38
Chainlink's price has plummeted over 6% in the past 24 hours, leaving it teetering on the edge of a crucial support level at $11.38.
The sharp decline, which has dragged LINK from its session high of $12.56 to an intraday low of $11.58, has sparked concern among traders and investors.
According to technical analysis, the current momentum has stalled, with aggressive selling dominating the market. The taker buy/sell ratio sits at 0.87, indicating that sell-side aggression is winning the real-time order flow battle.
The longer-term picture remains bullish, however, with LINK still running 29% above its 50-day Simple Moving Average (SMA) and nearly 30% above its 200-day SMA.
Traders are now watching to see whether the key support zone holds or breaks, which will determine the next 10-15% move in the market. If price stabilizes at $11.38 and Bitcoin avoids a fresh leg down, the stochastic cross and OI buildup among top traders set up a squeeze toward $12.36 first.