ChainLink's token has collapsed to $7.40 after shedding most of its summer gains. The coin peaked at $20 in August as the DeFi ecosystem bought significant quantities of LINK. Over the past week, sell
ChainLink's token has collapsed to $7.40 after shedding most of its summer gains. The coin peaked at $20 in August as the DeFi ecosystem bought significant quantities of LINK. Over the past week, sellers have driven the price down 20%, with yesterday's 12% plunge pushing the asset to a six-week low.
The numbers show significant damage. LINK sits 58% below its peak. Yet ChainLink ranks as the top performer among the market's 20 largest cryptocurrencies. Since the March crash, the token has climbed more than 400%.
The token hovers around $8.43, up 3.13% over the past 24 hours. Bitcoin fell 1.5% to $10,240. Ethereum trades at $328, down 2.95%. XRP hovers near $0.22 as selling pressure costs it near 5% in recent days.
While most cryptocurrencies continue lower, ChainLink is posting gains on the daily chart. Sellers have breached the $9.00 support level and driven LINK down to $8.00, where the market may find a floor. For bulls to regain momentum, the price must rise above $8.50 and retake $9.20, a key rejection point. If that level holds, buyers have a clearer path toward $10.00 in the near term.
Above $10.00, the 20-day moving average at $10.60 marks the next barrier. A break above that threshold targets the 50-day moving average around $13.00. The 23.6% Fibonacci retracement level at $11.25 sits between, offering intermediate resistance.
The RSI has started to rise. The MACD displays a hidden bullish divergence, suggesting buying pressure may be returning. These signals favor recovery if holders maintain upside momentum. The broader market continues to weaken, however. Sellers active in Bitcoin and other top tokens create headwinds for any LINK rally. Traders have withdrawn capital from the space, forcing prices lower as they reassess their positions.
