Chainlink's LINK Token Takes a Tumble: What's Happening?

LINK Drops Over 11% in 24 Hours

The crypto world is buzzing with news about Chainlink's LINK token. It's been a rough day for LINK, with its value dropping by more than 11% in just 24 hours. This drop is part of a bigger trend in the crypto market, where prices are falling across the board.

LINK Falls Below $12 Despite Positive Investment News

LINK's price fell below $12, a significant drop. This happened even though there was good news about a new investment product for LINK. Grayscale, a big asset manager, is planning to launch a new type of fund for LINK. This fund could start trading this week on the NYSE Arca exchange. But even this exciting news couldn't stop the price from falling.

Traders Focus on Technical Indicators

Traders seem more worried about the technical aspects of LINK's price. There was a big increase in trading volume, with 7.14 million LINK tokens changing hands. This is a huge jump from the usual daily trading volume. The price dropped below $13, which is a key support level. This drop confirmed that the price is under pressure and likely to keep falling.

Broader Crypto Market Under Pressure

The broader crypto market is also feeling the heat. Bitcoin, the biggest cryptocurrency, dropped to near $84,000. This drop is due to worries about the global economy and speculation about interest rate hikes by the Bank of Japan.

Key Support and Resistance Levels for LINK

For those keeping an eye on LINK, the immediate support level is at $11.87, and resistance is at $12.26. The trading volume spike confirms that big investors are selling. The chart patterns show a break below a descending trendline, with an 11.7% drop across a $1.56 range. If the price keeps falling, it could reach the $11.70–$11.80 zone, with November lows at $11.39 as the next level to watch.