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Chainlink (LINK) Struggles to Break Key Resistance Amid Selling Pressure
Chainlink (LINK) Struggles to Break Key Resistance Amid Selling Pressure
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Chainlink LINK News -
Chainlink''s recent rally has stalled at the $16 resistance level, with the altcoin now testing critical support NEAR $14.25. The 5% daily drop reflects weakening momentum as trading volume and network activity decline.
Technical barriers proved formidable—the 200-day EMA and a descending trendline rejected LINK''s advance despite its 22% monthly gain. On-chain data shows a 13% drop in active addresses, signaling fading retail interest.
Futures markets echo the bearish shift, with CoinGlass reporting increased short positioning. The lack of institutional bids at current levels suggests further downside unless bulls reclaim $15.50.
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