Chainlink (LINK) is currently trading around $9.07 in a market that is leaning risk-off. The total crypto cap is down about 1.8% in 24 hours, and the BTC dominance is high at ~56.5%. This environment is not conducive to altcoin growth, making it challenging for LINK to move higher.
On the daily chart, the structure remains bearish, with the price well below the 200-day and 50-day moving averages. However, momentum has cooled, and the Relative Strength Index (RSI) is sitting just under 50, indicating a neutral-to-slightly-bearish momentum backdrop.
The hourly and 15-minute charts also show a bearish tilt, with the price trading below all key moving averages and RSI values indicating oversold conditions. However, the MACD lines are flat or slightly positive, suggesting that the down-move is losing momentum.