Why Chainlink is Stuck in a Price Slump: Sellers Rule the Day!

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Oh, my dears, it’s not looking so splendid for Chainlink, is it? With open interest flashing its red alert, it seems those leveraged positions have been flushed out like last season’s fashion. Meanwhile, the broad market and daily indicators keep pointing at one thing-an ongoing corrective structure. Yes, nothing says ‘fabulous’ like being caught in a corrective cycle. 🙄

Open Interest Takes a Tumble After A Dreadful Dump

At this very moment, dear Chainlink is sauntering around $12.18, after receiving a rather rude rejection from the $13.40-$13.50 zone. That little zone has now been dubbed the “firm resistance ceiling,” where dreams of gains go to die. 💀

The sharp liquidation candle was the grand finale of a rally that was as brief as a summer fling. Price action has now decided to take a rather indecisive rest just above the $12.00 mark, where it’s wavering like a politician on election night-hesitant and uncertain, but without a doubt, it’s not buying.

Open interest, bless its heart, is now at 225.5M, a good bit lower than the 240M+ it flaunted during its earlier days of passive aggressiveness. This sharp decline confirms the forced unwinding of long positions, and in case you missed it, the price broke structure, darling. The market flushed out, and the price followed. A truly spectacular show of volatility! 💅

Market Cooling: Someone Forgot to Turn Up the Heat

According to the ever-reliable BraveNewCoin, Chainlink is now lounging at $12.38, showing a modest 5.01% drop. The crypto market is far from a fiesta, with the market cap now at $8.60B and 24-hour volume at a mere $472.73M. While there’s active repositioning happening, don’t expect a ‘decisive shift’ anytime soon, darling. It’s more like a cool breeze than a scorching heatwave.

Chainlink’s circulating supply of 696.8M tokens places it somewhere in the 21st spot on the global ranks. A rather pedestrian position for such a once-promising asset. And if you were hoping for an exciting weekly display, let’s just say it’s been more of the same-repeated failures to hold above the mid-13 region. That zone has become a no-go area, a structural ceiling in every sense of the word.

The intraday chart is like watching the same episode of a soap opera-repeated rejections and price plunges whenever it even dares to approach the upper boundary of the range. Yawn. At this rate, Chainlink’s price prediction could use a bit of a plot twist, don’t you think? 📉

Chainlink Remains in the Bear’s Lair

Over on the daily chart, Chainlink is attempting to make an appearance at $2.19, continuing its magnificent 5.9% decline. But oh, look! It’s still below that critical horizontal resistance at $19.53. That, my friends, is the multi-month barrier that’s simply refusing to be breached. Lower highs? Check. A steady downtrend since late summer? Double-check. Buyers, bless their little hearts, are facing what can only be described as a tragic struggle.

Oh, and let’s not forget the momentum indicators, those charming little mood ring-esque devices. The MACD is languishing at −0.87, well below its −0.98 signal line. It has recently thrown a modest positive shift of 0.12, but darling, don’t get too excited. It’s hardly a full-on reversal. The trend remains shaky until the MACD decides to put on a more convincing performance. As for the Chaikin Money Flow, it’s just about as cheerful as a raincloud at −0.16, showing continued distribution rather than any promise of accumulation. Keep your umbrellas up! ☔

Now, for sentiment to actually turn around, we’ll need Chainlink to climb back to the $15-$16 zone, and then maybe-just maybe-it could get a shot at re-testing the broken $19.53 resistance. But until that happens, don’t expect any dramatic changes. The chart is stuck in a waiting room, darling. And, as we all know, the longer you wait, the more likely it is that the price will just drift lower. That’s the nature of the game! 🕰️

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2025-12-02 00:20