Chainlink (LINK) price might continue to suffer due to a high NVT ratio, suggesting an overextension relative to its transaction volume. This condition often signals a potential price correction.
The broader market cues, despite turning bullish, haven't found strong momentum, exacerbating the situation for Chainlink.
LINK's Relative Strength Index (RSI) is in the negative zone, indicating bearish momentum. While there could be some bullish momentum building up, the lack of buying pressure could prevent a significant price recovery without additional positive catalysts.
The most probable outcome for Chainlink's price is consolidation under $11.00, with a slight chance of breaking out above this level and remaining rangebound above $9.35. However, flipping $11.00 into support could enable further recovery and potentially invalidate the bearish thesis.
