Chainlink Struggles to Hold $15 as Market Bears Take Full Control

• Chainlink price slips below $15 as sellers tighten firm control.
• LINK struggles near key support with bearish momentum intensifying daily.
• Market bears dominate Chainlink trade as RSI nears oversold territory.

Chainlink faced intensified selling pressure today as the token slipped to around $14.79, marking a 1.95% decline. The continued price drop indicates that sellers are maintaining dominance, pushing LINK closer to a critical support zone.

Besides the downward movement, the daily Relative Strength Index registered at 34.25, nearing the oversold region. This reading shows weakening buying momentum, with traders remaining cautious amid increased market volatility.

Moreover, the 20-day simple moving average is positioned around $17.11, creating a visible gap between current levels and resistance. The upper Bollinger Band remains at $19.49, outlining the next major resistance point if recovery attempts occur.

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Technical Indicators Confirm Ongoing Bearish Trend

According to data from Tradingview, Chainlink has been in a steady decline since early October. The daily chart displays consistent red candles, reflecting persistent bearish sentiment and an absence of sustained bullish activity.

Additionally, LINK continues to trade below the middle Bollinger Band, emphasizing limited upside strength. The RSI’s gradual descent further supports the view of consistent selling, showing that the token remains under heavy downward pressure.

Consequently, the market’s volatility has narrowed, with prices consolidating in a tight range. This contraction suggests that traders are waiting for new momentum signals before making significant moves in either direction.

Market Outlook 

Current chart readings show Chainlink’s nearest support around $14.70, while immediate resistance lies at $17.11. A continued fall below the lower boundary could extend losses, reinforcing the prevailing bearish structure.

Hence, LINK remains in a vulnerable position as sellers retain control across daily trading sessions. Any visible rebound from oversold RSI levels might provide temporary relief, though broader sentiment continues to favor sellers.

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