# LINK Price Drops to $10.71 as Bearish Pressure Mounts 📉
Chainlink (LINK) is currently trading at $10.71, marking a significant -15.67% drop in the last 24 hours. The substantial trading volume of 9,556,021.20 LINK underscores the intensity of today’s price action. Market sentiment surrounding LINK has turned decidedly bearish.
The sharp decline in LINK’s price suggests a strong bearish momentum in the market. This drop has broken through several key support levels, leaving traders wondering where the bottom might be. The overall market downturn could be contributing to the negative pressure on LINK.
Adding to the bearish picture, LINK’s market capitalization now stands at 106,503,543.35 USDT. The high 24-hour trading volume indicates increased selling activity. This combination of declining price and high volume reinforces the prevailing bearish sentiment.
Technical analysis reveals that LINK has broken below crucial support levels, potentially opening the door for further downside. The previous support at around $12.50 now acts as a resistance level. A break below $10 could accelerate the decline.
The formation of a bearish engulfing pattern on the daily chart further supports the negative outlook. This pattern, coupled with the declining volume, suggests that selling pressure remains strong. Traders should exercise caution and closely monitor price action.
In the short term, LINK’s price could experience further downside, potentially testing the $10 support level. Reclaiming the $12.50 resistance level would be a bullish signal, but seems unlikely given the current market dynamics.
Key levels to watch in the coming days are the $10 support and the $12.50 resistance. A break below $10 could trigger further selling, while a move above $12.50 could signal a potential reversal. Traders should remain vigilant and manage their risk accordingly.
Final Summary:
- Current Price: 10.71 USDT
- 24h Change: -15.67%
- Market Cap: 106,503,543.35 USDT
- 24h Volume: 9,556,021.20 LINK
- Circulating Supply: 423,150 işlem
