Chainlink’s Plunge: Bears Feast, Bulls Weep, and $15.44 Bites the Dust! 🤑

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Key Takeaways: A Farce in Financial Folly

Why, pray tell, is Chainlink in such a pickle on the price charts?

The wretched selling pressure, as stubborn as a mule in a monsoon, refuses to relent, despite the onchain accumulation and TradFi partnerships. The sellers, those dastardly scoundrels, reign supreme, leaving the bulls to wallow in their misery. 😭

What ho! The significance of the $15.44 support, you ask?

It was, alas, a recent weekly swing level and a support as flimsy as a debutante’s resolve. Breached, it was, after the previous week’s trading session closed below it, at a paltry $13.4. A tragedy, indeed. 🎭

Chainlink [LINK], that fickle creature, saw a 100% increase in daily trading volume at the time of this scribbling. On Monday, the 17th of November, LINK was up a mere 2.91% from the day’s open at $14.13. A pittance, one might say. 🪙

Contextually speaking, Bitcoin [BTC] also managed a modest 1.95% uptick, but neither move occurred amidst a bullish backdrop. The market, it seems, is as dour as a Victorian funeral. 🖤

In a recent report, AMBCrypto (those intrepid souls) covered why the price action was as bearish as a grizzly in winter, despite onchain metrics showing accumulation. It was revealed, with great fanfare, that Chainlink’s price bounces in the short term would be dominated by sellers. A grim prognosis, to be sure. ⚰️

The $15.45 support, once a stalwart ally, has been surrendered to the bears. This means the weekly structure is now as bearish as a Shakespearean tragedy. Additionally, a long-term trend support was also ceded. What, one wonders, should traders and investors expect next? Perhaps a cup of tea and a good lie-down? 🫖

Chainlink bears firmly in control, but watch out for THIS! 🐻

The rally from $10.94 to $27.87 earlier this year provided clear Fibonacci retracement levels. Those levels, as precise as a Swiss watch, aligned with weekly swing zones, including $15.44, which acted as another key support. Alas, it has fallen like a house of cards. 🏰

The previous week’s session close at $13.73 meant that LINK had fallen below two key long-term supports, namely, $15.44 and $14.56. The latter, an important Fibonacci retracement level, was defended by bulls with all the vigor of a sloth on a Sunday. 🦥

The OBV, that harbinger of doom, showed that selling pressure has been as steady as a metronome in recent months, and a bullish comeback is as likely as a snowball’s chance in Hades. ☠️

Short-term bounces still risk rejection, like a bad suitor at a ball

The daily chart, a veritable map of despair, outlines a firmly bearish structure. A bearish order block sits between $15 and $16.6, forming a supply zone as treacherous as a quagmire. Should it be retested, selling will ensue with the ferocity of a jilted lover. 💔

To the south, the next price targets are $12.7, a support level from July, and $10.94, the weekly swing low. One can only imagine the wails of the bulls as they plummet further into the abyss. 🕳️

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2025-11-17 16:23