Chainlink (LINK) is trading inside a clear descending channel, forming consistent lower highs and lower lows that confirm a sustained bearish trend, as of Thursday, April 2.
According to the crypto analyst Alpha Crypto Signal, the price is currently hovering near the mid-channel support zone, an area where buyers have previously triggered short-term rebounds. Traders are watching for a possible reaction, as volatility often increases around this technical midpoint.
Source: Alpha Crypto Signal’s X Post
If support holds, LINK could stage a relief bounce toward the upper channel near $9, offering a short-term long or DCA opportunity.
However, the broader structure remains bearish, and a breakdown below current support would invalidate bullish setups. Such a move would likely extend downside momentum and reinforce seller dominance in the ongoing trend.
Also Read: Chainlink Sees 25,420 Large Wallets, Highest Since Dec. 4
Chainlink (LINK) Faces Pressure Below Major Moving Averages
According to TradingView, LINK has an indication of a firm bearish trend from the LINK chart. The current price of LINK is trading at $8.47. Chainlink has been struggling to trade above all the significant EMAs.
The 200 EMA is standing at $9.01, which is a strong resistance. The recent movement of the Chainlink price indicates a sharp rejection from the higher levels.
Source: TradingView
Technical indicators reinforce this bearish momentum. The RSI is currently standing at 38.25, indicating high selling pressure but not to the point where it is overextended.
Since the EMA 20 is now crossing below other long-term EMAs, the trend is clearly lower. The bulls will have to hold the floor at $8.40 to avoid further liquidation to lower price levels.
Chainlink & Coinbase Expand On-Chain Infrastructure
Apart from this bearish price movement, Coinbase, being the largest publicly listed cryptocurrency exchange with over 100 million users and more than $500 billion in assets under its platform, is still expanding its digital asset ecosystem for institutional investors.
It is further cementing its position as a bridge between traditional finance and blockchain markets, helping to drive the adoption of tokenized financial products and services.
Source: Chainlink’s X Post
On the other hand, Chainlink is becoming an essential component of Coinbase Wrapped Assets, providing an exclusive role as a bridging system for various blockchains.
The oracle network is also providing premium exchange data, which is now on-chain. This helps smart contracts access information in real-time, thereby promoting transparency.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Chainlink (LINK) Eyes $12 After Holding $9.55 Resistance Sparks Recovery Rally
