Chainlink (LINK) has been facing a period of consolidation, with its price oscillating between $13 and $26. Currently trading around the $16 range, LINK is experiencing mixed market sentiment, reflecting broader trends across the cryptocurrency space. Despite a slight rebound in price, the asset faces a bearish correction, with the price dipping to as low as $15.23.
The market cap of cryptocurrencies has recently settled at $3.54 trillion, with major assets like Bitcoin (BTC) and Ethereum (ETH) also losing ground and testing previous lows. Meanwhile, Chainlink has been experiencing a drop of more than 1.17%, currently trading at $16.03. Its 24-hour trading volume has declined to $746.31 million, and over $1.49 million worth of LINK was liquidated in the last 24 hours.
Chainlink’s price action is forming a symmetrical triangle pattern, a typical consolidation pattern where the price fluctuates within a $13 to $26 range. The market is currently in an indecisive phase, and a breakout either above $26 or below $13 will likely define the next major move in the price direction.
LINK’s Moving Average Convergence Divergence (MACD) is currently below the signal line, suggesting weakening bullish momentum. However, the Chaikin Money Flow (CMF) indicator at 0.04 indicates slight buying pressure. The Relative Strength Index (RSI) sits at 53.25, showing a neutral stance, neither overbought nor oversold.
Despite the bearish trend gaining traction, Chainlink could potentially find support around $15.95. If bullish pressure prevails, the price could rise toward the $16.11 resistance zone. A sustained rally could bring more bullish momentum, possibly retesting higher levels around $16.19.
