$LINK /USDT Technical Snapshot – Oversold Conditions Emerging?
Chainlink ($LINK) is currently trading at around $8.28, down -3.50% in the last 24 hours, with price testing the daily low near $8.27 after rejecting higher levels.
Key observations from the 1D/4H chart:
Supertrend (10,3) flipped bearish and is now acting as dynamic resistance around $8.59–$8.89 zone. Price is well below the line, confirming short-term downward momentum.
Strong breakdown below the recent consolidation range (~$8.56–$8.73), with increased selling pressure visible in the candle structure (series of lower highs and lower lows).
RSI(14) at 27.97 – deeply oversold territory (<30), which historically has preceded short-term relief bounces or reversals in LINK, especially after sharp -3–5% daily drops.
MACD histogram showing deepening negative momentum (DIF -0.08, DEA -0.06, MACD -0.02), but the lines are converging slightly — watch for a potential bullish crossover if buying volume picks up.
Volume profile: 24h volume ~2.54M LINK (~$21.5M USDT), decent but not explosive. MA(5) > MA(10) on volume bars indicates short-term sellers still in control.
Support to watch: Immediate at $8.27 (session low), then psychological $8.00.
Resistance: First recovery hurdle at Supertrend ~$8.59, then $8.73–$8.89 (former support turned resistance).
Overall bias: Bearish in the near term until price reclaims Supertrend and RSI climbs back above 40. However, the oversold RSI + potential exhaustion selling could set up a short-covering bounce if broader market sentiment improves.
Infrastructure play like Chainlink remains fundamentally strong long-term (RWA data feeds, oracle dominance), but tactically cautious here.
What’s your view — bounce incoming or lower lows first? Drop your analysis below! 📊