Crypto
Chainlink Slides to $11.56 Amid Technical Indicators Flipping Bearish
Chainlink's native token LINK has retreated to $11.56 after a rapid climb to nearly $13.70 earlier in September.
The price correction follows a brief rally from below $9.50, with sellers gaining momentum and driving the price down.
Key technical indicators have shifted bearish, with the Relative Strength Index (RSI) falling to 31.58 and approaching oversold territory.
The Moving Average Convergence Divergence (MACD), another popular momentum indicator, has also turned more negative as the price retreats toward older support ranges.
Traders are reducing risk as volumes decline, with LINK's trading volume dropping to $507.51 million and open interest standing at $645.90 million.