LINK Tests Oversold Levels at $12.12 as Chainlink Finds Support Near Bollinger Band Floor
The post LINK Tests Oversold Levels at $12.12 as Chainlink Finds Support Near Bollinger Band Floor appeared on BitcoinEthereumNews.com.
Rongchai Wang
Nov 22, 2025 03:11
Chainlink trades at $12.12 after a 6.5% decline, with technical indicators showing oversold conditions as LINK price tests critical support levels in absence of major catalysts.
Quick Take • LINK trading at $12.12 (down 6.5% in 24h) • Technical selling pressure dominates in absence of major news catalysts • Price testing lower Bollinger Band support at $12.03 • Bitcoin correlation remains strong as broader crypto market declines Market Events Driving Chainlink Price Movement Trading on technical factors in absence of major catalysts has defined LINK price action over the past 24 hours. No significant news events in the past 48 hours have emerged to drive fundamental shifts in Chainlink’s valuation, leaving technical analysis as the primary driver for short-term price movements. The 6.48% decline has pushed LINK price below multiple key moving averages, with the token now trading significantly below its 7-day SMA of $13.08 and continuing to distance itself from the 20-day SMA at $14.39. This technical breakdown has occurred alongside broader cryptocurrency market weakness, with Bitcoin’s decline providing additional downward pressure on altcoin valuations. Volume data from Binance spot trading shows $122.15 million in 24-hour turnover, indicating moderate institutional interest despite the price decline. This volume level suggests that while selling pressure exists, it hasn’t reached panic levels that typically characterize major capitulation events. LINK Technical Analysis: Oversold Territory Emerging Price Action Context LINK price currently sits well below all major moving averages, creating a clear bearish technical structure. The token trades 7.3% below the 7-day SMA and 15.8% below the 20-day SMA, indicating sustained selling pressure across multiple timeframes. The EMA 12 at $13.60 and EMA 26 at $14.90 both serve as near-term resistance levels that bulls must reclaim to shift momentum. The…
Filed under: News - @ November 23, 2025 12:20 am