Falls of 6% as technical breakdowns trumpeted UBS, FTSE Partnership

Oracle Network Chainlink’s native token Link$14.40 It broke through key technical support levels on Tuesday, dropping 6% to below $14.50, Coindesk data shows.

The decline was accelerated by massive volume that advanced 57.81% above the seven-day average, signaling an aggressive distribution rather than a thin selling market, the technical analysis model of Coindesk technical research.

The weak price action came despite major announcements of institutional partnership common fuel rallies.

Swiss Banking Giant UBS completed The world’s first end-to-end tokenized fund transaction using ChainLink’s digital transfer agent standard. Meanwhile, FTSE Russell announced plans on Monday to bring the Russell 1000, 2000, and 3000 indexes onto blockchain tracks tapping into ChainLink’s datalink services.

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With major partnerships failing to avoid support breakdowns, Link shows how technical short-terms often outpace major developments.

The decisive break below the $15.26 support level took place during the morning trade in extremely high volume of 4.69 million tokens, establishing a clear descending channel that accelerated nearby.

The final trading hours proved especially destructive as Link crashed from $15.22 to $14.70 on massive volume that exceeded 3.5 million tokens. The breakdown confirmed the broader bearish structure while potentially creating oversold conditions for any recovery attempt.

Key technical signal levels are further downside for the link

• Support Areas: Critical Test of $14.50-$14.60 Demand Zone Following Breakdown.
• Volume Assessment: 57.81% Surge above seven-day moving average confirming breakdown move.
• Chart patterns: Descending Channel Formation confirms Bearish Momentum Shift
• Targets and Risks: Further weakness towards $14.00 likely before stabilization occurs.

Disclaimer: Parts of this article were generated with help from AI tools and reviewed by our editorial team to ensure accuracy and compliance with our standards. For more information, see Coindesk’s full AI policy.