Recently, Chainlink (LINK) prices have fluctuated between $10 and $11, driven by increased bearish market influence despite the project's positive developments. Bears have dominated by selling much more, over 500,000 tokens, compared to bull purchases. Thus, a price increase towards analysts' expectations of $15 seems unlikely.
The In/Out of Money Around Price (IOMAP) indicates more resistance ahead despite efforts to go beyond $12. Particularly, between $12.47 and $12.82, nearly 18,000 addresses own over 100 million LINK, presenting formidable resistance if prices rise to this point as addresses may break even.
Technical analysis shows notable daily chart resistance around $12.70. The Exponential Moving Average (EMA) trends suggest indecision among traders but lean towards further price drops. Currently, it appears bears likely maintain control, potentially dropping LINK’s price below $10.
For reversal, bulls must gain ground to push prices towards $15.25, requiring lessening of bearish market control. Otherwise, continuous bearish dominance may drive LINK prices lower in the near term.
