Chainlink Slumps Toward $13 as Death Cross Nears; $8.50 Support
Chainlink (LINK) price has breached the $14 mark and is trading near $13.45 as bearish momentum intensifies. High trading volume, up 59% to $837 million, signals strong seller conviction amid a symmetrical triangle breakdown. Technical indicators are flashing red: the 50-day SMA is set to cross below the 200-day SMA (death cross), the RSI has dropped to 36, and the MACD histogram is negative. If LINK fails to defend the $13 psychological level on a daily close, sellers may target the $11.77–$10.97 support zone. Conversely, a rebound could test resistance at $15.55, near the last golden cross breakout high. A decisive break below $13 could open the door to a retest of the multi-year support near $8.50. This decline mirrors broader altcoin caution after Bitcoin fell under $95,000.
Bearish
Chainlink’s drop below $14, combined with a looming death cross on the 50- and 200-day SMAs, RSI below 50, and a negative MACD histogram, signals growing bearish momentum. The 59% volume surge confirms strong selling conviction. Historically, death crosses in major cryptocurrencies, such as Bitcoin’s 2022 death cross, have preceded extended downturns. In the short term, traders may target the $11.77–$10.97 support zone, while failure to defend $13 could trigger a deeper test of the $8.50 multi-year support. Longer-term recovery depends on whether LINK can reclaim key moving averages and broader altcoin sentiment improves.