Chainlink (LINK) Ends the Volatile Week on a Clear Bearish Bias, Falling Below the $14 Level

Chainlink (LINK) price slipped below the $14 level on Friday, signaling more weakness in the market. The token struggled to hold gains in the face of general market volatility, which saw major crypto tokens extending losses.

Top Gainers (24 Hour)

Chainlink (LINK) is among the worst performers in the past 24 hours, slipping by over 3%. The token is now trading at $13.70, with a 24-hour low of $13.60 and a high of $14.10.

The token started the week trading higher at prices around $15, but it came under intense selling pressure early in the week. This was followed by an abrupt decline as bearish moves started marking the beginning of consistent declines, with bears dominating despite the marginal recovery effort.

Having bounced near the $15 level mid-week, the coin faced resistance and didn’t achieve a higher high. The rejection determined the subsequent sessions as well, which were marked by an uninterrupted slide with several red candles.

LINK had sunk below the level of $14.25, and the slide intensified to reach lows near $13.70. The volume of trade was stable throughout the week, but the failure to follow through on the advance indicated diminishing investor optimism.

Chainlink Struggles Below $14 as Bearish Pressure Mounts

Chainlink (LINK) price slipped further on Friday, breaking below the critical level of $14. The 4-hour chart of LINK/USD shows bearish momentum, with the coin trading below its VWMA (20) and clinging to the lower Bollinger Band at around $13.65.

The RSI is at 36.46, reflecting increasing selling pressure, while the MACD is still on the bearish side with an expanding negative histogram, both reflecting the bulls losing grip.

Throughout the last seven days, the coin moved down from the highs around $15.80, recording consecutive lower highs and lower lows. Unless the bulls are able to recapture the resistance zone of $14.30–$14.50, the risk of further drops is high.

A fall below $13.70 may unlock the path to $13 or less, and meaningful recovery would depend on a strong finish through the mid-Bollinger Band level to change direction.

LINK Shows Bullish Reversal Signs

Chainlink (LINK) is showing signs of a potential bull turn on the 4-hour chart, as the price action is forming the potential double bottom near the $13.70 level of support. This level was previously supported in mid-April, and the recent price action indicates buying demand at this point.

Although the general direction has remained bearish with lower lows and lower highs, to complete the reversal, breaking the range of $14.20–$14.30 is necessary. The price is testing the 20-period VWMA, and breaking and closing above it will further reinforce bullish action.