Chainlink traded near $11.41 after a rebound attempt failed, staying below the $11.72 resistance level that has capped it since its September peak. Daily and 4-hour indicators point to fading momentum, while a dense cluster of leveraged positions near $11.00 raises the risk of another leg down.
LINK holds below $11.72 after failed rebound
Chainlink was trading around $11.41 at the time of writing, down 0.91% on the day after moving between $11.30 and $11.63. The token stayed near the bottom of that range as buyers failed to extend a brief recovery.
LINK has given back much of the advance that took it from roughly $8.20 in early August to a September high near $13.60. The rally picked up after the price broke through $9.40 and then $11.00, but selling increased once it moved above $13.00. Price has since formed a sequence of lower highs and lower lows, and the latest bounce stalled below $11.70, leaving LINK under the $11.72 Murrey Math resistance level on the daily chart.
Daily indicators point to fading momentum
The daily chart shows LINK holding above the 6/8 Murrey Math level at $10.94, the nearest major pivot after that zone served as a breakout level during the August rally. However, daily Aroon Up has fallen to 7.14%, while Aroon Down sits at 42.86%, a gap that suggests LINK has not recorded a recent high while downside pressure stays more active.
Buyers would need to reclaim $11.72 before LINK could attempt another move toward the 8/8 resistance at $12.50, which would open the next Murrey Math targets at $13.28 and $14.06. If $10.94 fails instead, the daily chart places the next support at $10.16, with a deeper correction bringing the $9.38 pivot into focus.
Liquidity cluster near $11 keeps risk skewed lower
On the 4-hour chart, LINK trades slightly below the Bollinger Bands midpoint at $11.44, with the upper band near $11.68 and the lower band around $11.20. The narrow gap between the bands reflects reduced volatility following the sharp decline from the September high, leaving price in a short-term consolidation range.
CoinGlass' one-week liquidation heatmap shows a dense concentration of leveraged positions below the current price, particularly around $11.00 to $11.15, with the strongest cluster near $11.05. A drop below $11.20 could accelerate toward $11.00 if long liquidations add mechanical selling pressure, while a break above $11.72 could force short positions to close and support a faster recovery.
Source: crypto.news
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