Chainlink Faces Key Test at $10 as Bearish Pressure Persists

LINK Battles Key Support Near $10 Zone

Bearish EMAs Signal Extended Downtrend for LINK

Heavy Resistance Blocks LINK at $12 Region

After breaking below the rising trendline, the next key support levels for Chainlink $LINK are $10 and $7.50. The cryptocurrency reached as high as $30 in December 2024 but has since entered a correction. LINK is currently trading at $11.543 after briefly testing the $10 level on April 7, showing a slight recovery of 0.82% in the last 24 hours.

Technical Indicators Signal Continued Weakness

Chainlink continues to face bearish conditions on the daily chart. The 50-day EMA stands at $14.899, while the 200-day EMA is at $16.723. This extended bearish crossover confirms the downward trend, making it harder for the price to reclaim higher levels

The RSI has bounced from 34.04, narrowly avoiding oversold territory, though the signal remains weak.The MACD indicator is still in negative territory. Its lines remain crossed to the downside, and the histogram continues to show red bars

This pattern suggests bearish momentum is still dominant. The EMAs on the MACD also show a “death cross,” a sign that downward pressure may persist unless volume increases sharply.

Support at $10 Holds for Now, But Resistance Near $12 Is Strong

Data from IntoTheBlock shows LINK’s major support lies around $10.52, where over 8,000 addresses hold more than 11 million tokens. This support may limit further downside in the short term

However, resistance between $10.71 and $12.33 remains heavy, with a large number of addresses holding tokens at a loss in that range.If LINK breaks below $10, the next support sits at $7.37, last seen in October 2023. Continued bearish momentum could open a path toward $4.72

On the other hand, a move above $12.33 could open the door toward $15.36 or higher in stronger market conditions. For now, traders are closely watching the $10 level as a critical zone for price stability.

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