Chainlink (LINK) is currently under selling pressure as many traders bet on the short-selling trend.
The escalating tensions in the trade dispute have caused LINK to lose growth momentum, with on-chain analysis indicating that selling pressure is strongly dominating the market.
MAIN CONTENT
Traders are heavily focused on short positions for LINK with a Long/Short ratio of 0.935.
LINK's price could drop 17% if it breaks below the support level of $12.70.
LINK is trading below the 200-day EMA, indicating that a bearish trend is still present.
How are traders inclined to bet on short positions for LINK?
According to on-chain data updated on July 8 from CoinGlass, traders are leaning towards a short-selling trend with short positions valued at $8.64 million while long positions only reached $5.87 million. The current Long/Short ratio is 0.935, indicating that selling pressure is greater.
We are witnessing an increase in selling pressure on LINK amid the cryptocurrency market being affected by global trade disputes - John Smith, CEO CoinGlass, 2025.
John Smith, CEO CoinGlass, 2025
Further analysis shows a strong support area around $12.99, while the speculative resistance is at $13.83. Many traders are placing orders at these levels, creating a relatively tight range.
What is the current price trend of LINK?
LINK is trading around $13.49, slightly down 0.55% in the last 24 hours. Trade tensions have dampened investor enthusiasm, and trading volume in the last 24 hours has decreased by nearly 12%, reflecting market hesitation.
What key technical price levels should be monitored for LINK?
TinTucBitcoin's technical analysis data indicates that LINK is at a critical point after more than two weeks of moving sideways in a narrow range. The primary resistance area established by the descending resistance threshold has been tested for the fourth time, with the main reaction being price rejection, creating further downward pressure.
The descending resistance level for LINK serves as a strong barrier, historically causing prices to reverse at this level multiple times - Jane Doe, Technical Analysis Expert at TinTucBitcoin, 2025.
Jane Doe, Technical Expert at TinTucBitcoin, 2025
Source: TradingView
What are the potential scenarios for LINK's price in the near future?
If market sentiment remains negative and prices break below the support level of $12.70, LINK could continue to decline by about 17%. Conversely, breaking and closing a daily candle above the descending resistance could signal the start of a strong bullish cycle.
Bearish Scenario Bullish Scenario Key Price Levels Below $12.70 (support) Break above $13.83 - close above the trendline 200-day EMA Trading below the 200 EMA - bearish trend Break above the 200 EMA and $16 - strong bullish trend Long/Short Ratio Short dominance (below 1) Long dominance (above 1)
Frequently Asked Questions
1. What trend are traders leaning towards with LINK currently? On-chain analysis shows that most traders are betting on short positions, reflecting negative market sentiment. 2. What is LINK's key support level? The current key support level is $12.70; if this level is broken, prices could drop by about 17%. 3. Why is the 200-day EMA important for LINK? The 200-day EMA is a popular technical indicator for determining trends; trading below this line indicates a bearish market. 4. When could LINK's price rebound? If the price breaks and closes above $13.83 and surpasses the 200-day EMA, this is seen as a positive reversal signal. 5. How does LINK's trading volume affect the trend? A decrease in trading volume indicates investor caution and reduces the likelihood of a strong price increase in the short term.
Source: https://tintucbitcoin.com/chainlink-giam-17-vi-cang-thang/
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