$LINK Price Plunges 13% A Week: Will the Bearish Trend Continue? - CoinGape Analytics

Chainlink (LINK) is experiencing a significant price drop, following the broader crypto market downturn. Currently trading at $10.59, LINK is down 5% in the last 24 hours and 13% over the past week, with a low of $10.39 and a high of $11.14. The decline mirrors the drop in major currencies like Bitcoin and Ethereum.

Technical analysis points to continued bearish momentum. The MACD remains below the signal line, and the RSI is at 30, indicating oversold conditions. LINK may stabilize around $10.00, but a further drop to $8.00 or even $7.00 is possible if market conditions worsen.

A decline in whale activity, as shown by reduced transactions over $100k, aligns with LINK's price drop since mid-May, contributing to the overall bearish sentiment. A potential recovery could push LINK above $11.00, but broader market sentiment and whale interest will be crucial.