Chainlink price hovers above $11.46 support, trades 78% below all-time high

Price action stabilizes around key support level

LINK’s trading pattern indicated a gradual move from an initial dip to a more stable trajectory. The price briefly touched $11.78 before rapid selling pushed it lower. Buyers then stepped in, keeping the price mostly between $11.48 and $11.56 through the remainder of the session. The established support was observed at $11.46, serving as the day’s lowest confirmed level.

Despite this stability, LINK did not fully recover to the upper end of its trading range. Attempts at rebounds were met with muted buying demand, and the trading volume gradually declined throughout the session.

Immediate resistance remains between $11.57 and $11.60, which corresponds to both the present rate and a prior rebound surge. If LINK can move above $11.60, the next upside target would be $11.80. Repeated failures to attract buyers back to higher levels have kept price action contained.

If LINK slips below $11.46, traders will be watching for further selling pressure with major support levels no longer intact. The asset currently trades 78.05% lower than its all-time high of $52.70, posted in May 2021. There are 748.10 million LINK tokens in circulation.

LINK/BTC approaches critical technical region

On the LINK/BTC trading pair, market analyst Moe highlighted that the pair is nearing the lower edge of a prolonged descending pattern. Since the previous cycle peak, the top trendline has continued to suppress price increases, causing the pair to compress into a narrowing structure.

The current position is close to a significant demand area. Moe referred to this setup as a possible pivot point where LINK might strengthen against Bitcoin. However, so far, the chart has not confirmed any anticipated rally moving away from the established trend of lower highs.

A close above the long-term resistance would suggest that LINK is gaining relative strength against Bitcoin and may break the pattern of lower peaks. Failure to breach this level would likely reinforce the bearish outlook. Compression in the chart indicates that support and resistance levels are drawing closer together, often preceding notable price movement.

Mini dictionary: Moe, a cryptocurrency analyst known for technical charting, regularly shares insights into major crypto pairs and trend patterns across digital assets.

Intraday indicators suggest cautious sentiment

In the most recent session, LINK/USDT charted a move toward $11.528, briefly rising to $11.59 before pulling back to $11.50. Technical indicators, including Bollinger Bands, revealed several short-term sell signals at the upper boundaries of the range, while price momentum faded towards session close.

The Chaikin Money Flow (CMF) indicator dipped to -0.39, falling below the neutral threshold and showing that selling activity surpassed buying throughout the period being measured. This bearish reading limited LINK’s ability to recover intraday.

Chaikin Money Flow dropped below zero, signaling that in the session’s timeframe, outflow of funds overtook inflows. Price action kept hovering between key ranges without strong upward momentum.

For LINK to trigger renewed upward momentum, price would need to reclaim $11.55 and $11.60, alongside CMF returning toward a neutral or positive reading. Conversely, a slip below $11.50 would expose the recent support at $11.46. Breaking past $11.80 could shift attention to the $12.00 mark for traders.