The chart shows the price development of Chainlink (LINK) against Tether (USDT) on the 1-day timeframe (1T) on Binance.

Technical Analysis:

1. Fibonacci Retracement Levels:

• Key Fibonacci levels are marked, with 0.618 at around $24.07 and 0.5 at around $22.44 acting as major resistance levels.

• The current price is below the 0.236 level ($18.13), indicating ongoing weakness.

2. Downtrend:

• The price is in a clear downtrend, as seen by the lower highs and lower lows.

• The dashed line suggests a possible continuation of the downward movement.

3. Support Levels:

• The $15.46 area (previous local low) could act as strong support.

• If this level breaks, further selling pressure could emerge.

4. Volume Analysis:

• Trading volume is relatively high, especially during strong price moves, indicating active market participants.

• The recent price drop is accompanied by increased volume, suggesting strong selling pressure.

Conclusion:

The chart exhibits a bearish tendency, as the price remains below key Fibonacci levels and follows a downtrend. If the $15.46 support zone holds, a potential rebound could occur. A breakout above $18–$19 would be an initial bullish signal.