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- Chainlink’s integration with Hedera aims to enhance DeFi security and transparency.
- Moving Averages for $LINK show signs of a possible bearish crossover.
Chainlink ($LINK) has dipped 6.03% in the last 24 hours, trading at $28.03. Its market cap stands at $17.76 billion, marking a 3.67% decline. Trading volume, however, rose slightly by 0.96% to $1.75 billion, with a market cap ratio of 9.91%. Despite recent integrations, $LINK faces bearish sentiment amid broader market weakness.
Hedera’s recent integration with Chainlink’s decentralized data feeds enhances DeFi security and real-world asset tokenization. Chainlink’s Proof of Reserve feature boosts transparency with real-time verification, but the positive developments have yet to reverse $LINK’s price decline.
Technical Indicators for $LINK
$LINK’s current price action signals weakening momentum. The primary resistance stands at $30. Repeated failures to breach this level have triggered selling pressure. A break below immediate support at $24 could push $LINK toward $22, a key zone for preventing further declines.
The 9-day moving average (MA) at $26.89 has flattened, while the 21-day MA at $24.19 remains upward. However, the narrowing gap between the two MAs indicates a potential bearish crossover. If the 9-day MA crosses below the 21-day MA, it could signal an extended downtrend for $LINK.
The Relative Strength Index (RSI) stands at 67.19, reflecting reduced buying momentum. The RSI average at 68.86 shows that $LINK is approaching neutral territory after weeks of being near overbought levels. If RSI drops below 60, it will confirm bearish control.
The candles also show increased selling pressure as $LINK struggles to maintain its gains near $28. Lower highs and consistent rejections around resistance suggest a bearish continuation unless buying volume improves.
Chainlink’s bearish technical indicators highlight a potential correction. The failed attempts to break the $30 resistance signal weakness. If $LINK falls below $24 support, bears could push prices toward $22 or lower.
The Hedera collaboration boosts long-term fundamentals, but market sentiment remains cautious. $LINK traders must watch for a bearish moving average crossover and declining RSI levels for further confirmation. Short-term recovery depends on $LINK holding above critical support zones while buyers regain control.