Chainlink Price Forecast: Can LINK maintain its $10 level as Moody’s Ratings completes CCIP testnet pilot?

• Following the previous day’s 3% fall, Chainlink inches up on Wednesday as selling takes a pause.
• Using Chainlink’s CCIP, Moody’s Rating completes a testnet pilot for the simultaneous distribution of credit assessment data across multiple blockchain networks.
• From Monday, Charles Schwab makes the LINK token available through Schwab Crypto.

Selling pressure continues to weigh on Chainlink (LINK), which is holding just above $10 on Wednesday after losing roughly 30% over the last five weeks. Signs of broader adoption among financial institutions come as Moody’s Rating completed a testnet using Chainlink’s protocols on Tuesday and Charles Schwab began offering LINK to clients. Despite these developments, LINK’s technical outlook remains bearish, with sellers in control.

Is Chainlink Gaining Ground Among Financial Institutions?

Traditional financial giants continue to move onto blockchain through Chainlink. On Tuesday, Moody’s Rating completed a testnet pilot that used Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to distribute credit records for tokenised assets across multiple blockchain networks. The development follows Charles Schwab’s announcement that its Schwab Crypto clients would gain exposure to Chainlink’s LINK token.

Are Sellers Tightening Their Grip on LINK Derivatives?

Sellers have regained the upper hand in Chainlink’s derivatives market. The LINK futures taker buy-to-sell ratio has dropped to 0.90, according to CoinGlass data. This suggests market orders are consuming resting bids, likely as traders resort to panic selling.

Technical outlook: Will LINK Hold Above $10?

The downtrend that began in early October continues, with Chainlink quoted at $10.2750 at the time of writing on Wednesday. Trading below its 50-day and 200-day Exponential Moving Averages (EMAs), at $11.6465 and $10.9883 respectively, LINK retains a bearish bias in the near term.

Any recovery is likely to encounter selling pressure within the band of overhead resistance stretching from the horizontal barrier at $10.8700 to the 200-day EMA.

Daily momentum indicators continue to signal weakness. At around 36, the Relative Strength Index (RSI) sits in bearish territory, just above the oversold zone. The Moving Average Convergence Divergence (MACD), meanwhile, holds below zero, signalling that downward momentum still has the upper hand.

Immediate support lies at $10.0340; a breach would likely clear the way for a move towards $8.9700. If the decline deepens, $7.8500 and $7.0100 could offer further support, with buyers potentially attempting to establish a more lasting base at those levels.

For a recovery, LINK first faces resistance at $10.8700, ahead of the 200-day EMA at $10.9883 and the 50-day EMA at $11.6465. Only a daily close above these EMAs would ease the current downward pressure and bring the higher resistance level of $12.6080 into view.

(The technical analysis of this story was written with the help of an AI tool. Know more.)