LINK Price Analysis Shows $7.60 Support in Focus After Latest Pullback

The latest market data placed LINK near $7.83, down 2.32% over 24 hours, while the TradingView chart showed price holding around $7.86 at the time of writing.

Notably, the three charts point to the same short-term problem. LINK is stabilizing above support, but momentum has weakened, and the market has not yet cleared the resistance needed to confirm a broader recovery.

$8.23 Remains the Main Barrier

CryptoWZRD identified $8.23 as the most important resistance on the daily chart. According to the analyst, a close above that level could open the way for a stronger upside move.

The chart shows LINK recovering from a sharp early-June decline before forming a lower high under descending resistance. Price has since moved sideways, creating a narrow range between the upper resistance area and nearby support.

A rejection from $8.23 would leave the short-term structure under pressure. In that case, the analyst expects attention to return to $7.60, which previously attracted buyers during the latest sell-off.

Notably, LINK briefly moved above $8 earlier in the week but failed to hold the level. That failed attempt left the market without a confirmed breakout and returned price to the upper-$7 range.

Intraday Price Action Turns Lower

BraveNewCoin data showed Chainlink trading at $7.83, with a daily range between $7.80 and $8.03. The chart recorded a steady decline across the session after the price opened near $8.

LINK made several attempts to stabilize around $7.90, but each rebound lost strength. Selling increased late in the session, pushing the price toward the daily low.

According to the market data, trading volume stood near $142 million, while market capitalization was around $5.69 billion. Even so, the volume bars declined near the end of the session, showing reduced participation as the price approached $7.80.

Even so, the $7.80 level now acts as immediate support. A sustained move below it could expose $7.70 before the wider $7.60 zone comes into view.

Momentum Indicators Stay Bearish

Moreover, the technical chart showed MACD below the zero line, with the MACD line at approximately -0.028 and the signal line near -0.023. The negative histogram reading of about -0.005 confirms that bearish momentum remains active.

Chaikin Money Flow also stood below zero at -0.08. That reading points to mild capital outflows and shows that buying pressure has not fully returned.

However, on the TradingView charts, the indicator is not deeply negative. This suggests the market is seeing gradual selling rather than a heavy rush for the exits.

LINK now needs to recover above $7.90 and retest $8 before challenging the $8.23 ceiling. A confirmed close above that resistance would improve the short-term structure, while continued rejection would keep the market focused on $7.60 support.

For now, Chainlink remains caught between weakening momentum and a support zone that buyers have defended before.