The Chainlink price is struggling to hold key support levels, with reduced futures open interest, raising questions about its next move.
Notably, Chainlink (LINK) is currently priced at $13.30, reflecting a 5.8% drop over the past 24 hours. When comparing LINK’s performance to Bitcoin and Ethereum, it mirrors the market downturn, especially as Bitcoin has fallen below $90,000.
Over the past 7 days, LINK has seen a 10.6% slump, while over the past 14 days, it is down 17.9%. However, with the price trend witnessing declines over these timeframes, the question remains: Will Chainlink manage to rebound and recover, or will it continue to fall further?
Chainlink Price Analysis
Looking at Chainlink’s weekly chart, the crypto asset still faces a bearish trend, with the price struggling to hold above key support levels. The Fibonacci retracement levels show that LINK has tested the latest support around the 0.786 level at $13.91 and broke below it.
If LINK fails to reclaim and maintain this level, it may fall further towards the $12.00-$13.00 region, with the 1.0 Fibonacci level sitting at $10.11 offering the next major support.
Meanwhile, as for resistance, the $16.89-$19.00 range stands out as a key zone that LINK may struggle to surpass in the short-term. If the price can manage to break above these levels, it could signal a shift towards a bullish recovery.
In terms of momentum, the MACD indicator is signaling bearishness. Specifically, the MACD line (blue) remains below the signal line (orange), and both are in negative territory, suggesting that the current downtrend is likely to persist. The histogram, which is also in the red, shows that the selling pressure is still in play.
LINK Open Interest Declines
Looking at the Chainlink Futures Open Interest chart, there is an interesting correlation between the LINK price and the open interest in futures contracts over the past several months. Specifically, open interest shows a steady increase in futures activity as the price of LINK rises.
From June to August 2025, there was a significant surge in open interest, reaching its peak around August, which coincided with a rise in LINK’s price to above $25. However, as LINK’s open interest started to fluctuate downwards in late-August and into September, the price followed a similar downward trend.
As of November 18, open interest stands at $527.21 million, indicating reduced speculative activity as the market sentiment has turned bearish. This could also signal a potential for stabilization or even a rebound, as lower open interest may indicate that less pressure is being placed on the asset.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
