š Chainlink (LINK/USDT) ā Overview & Today Outlook
Live Price Context (Today):
ā¢ CoinMarketCap shows #LINKš„š„š„ trading around ~$8.3ā$8.4 USDT recently, with price slightly down over the past 24 h and solid volume (~$800M+).
š Yesterdayās Trend (Recent Price Action)
Market Performance:
ā¢ #LÄ°NK has been under downward pressure, closely following broader market risk-off sentiment that dragged major altcoins lower as Bitcoin weakened.
ā¢ Technical indicators from recent data show LINK breaking below short-term supports (e.g., just below ~$9.00) and entering deeply oversold territory on momentum indicators like RSI.
ā¢ Sellers have deinated, weighed by macro volatility and crypto-wide de-risking, with oversold conditions potentially setting up a tactical rebound.
Technical Signals: ā¢ RSI extremely low ā historically often leads to short relief bounces, not guaranteed trend reversal.
ā¢ Link remains below key moving averages (7-day SMA, 200-day SMA), signaling bearish structure on multiple timeframes.
Overall, LINK suffered further downside pressure, slipping beneath key support levels and showing a continuation of the recent bearish trend, largely in line with broader alt weakness.
š§ Todayās Outlook ā Key Levels & Expectations
š¢ Bullish/Relief Scenario
If LINK can: ā¢ Hold above the $8.00ā$8.30 psychological support area,
ā¢ See a rebound in volume,
ā¦it could stage a relief bounce toward short-term resistance near $9.00ā$9.50 ā with the 7-day SMA and first key barrier in sight.
A move back above this level, especially with expanding volume, could attract short-term buyers and reduce bearish momentum.
šµ Neutral / Range Scenario
LINK often trades in a range until clear directional catalysts emerge.
In this case, $8.00ā$9.50 becomes an immediate consolidation zone if volatility eases and buyers absorb selling pressure.
š“ Bearish Scenario
If selling resumes and $8.00 breaks decisively:
ā¢ Next support could extend toward the multi-month lows near $7.50ā$7.80, aligning with past reaction lows.
ā¢ Price structure remains bearish unless buyers regain control above higher resistances.
š Market Structure & Indicators
Volume & Momentum:
LINKās recent bounce attempts have lacked strong conviction ā volume declines alongside price gains signal a possible lack of buying strength in the short term.
TradingView
RSI Divergence Risk:
Daily charts show potential bearish divergence where price rallies but RSI fails to confirm higher highs ā a signal that upside moves may stall without fresh buying.
TradingView #LINK
Key Levels to Watch:
Support: $8.00ā$8.30
Resistance: $9.00ā$9.50
Lower potential support if bearish: $7.50ā$7.80
Advise DYOR
