$10: LINK holds steady as Moody’s Ratings completes CCIP testnet pilot | Chainlink price forecast

• A 3% fall on the previous day gives way to modest gains for Chainlink on Wednesday.
• Using Chainlink’s CCIP, Moody’s Rating completes a testnet pilot for distributing credit assessment data simultaneously across multiple blockchain networks.
• From Monday, Charles Schwab makes the LINK token available through Schwab Crypto.

$10 remains below Chainlink’s (LINK) price on Wednesday. The token is struggling to stabilise after losing roughly 30% over the last five weeks. On Tuesday, Moody’s Rating completed a testnet using Chainlink’s protocols, while Charles Schwab began providing LINK to clients, pointing to wider adoption among financial institutions. Selling pressure continues to dominate, leaving LINK’s technical outlook bearish.

Chainlink Broadens Institutional Adoption

Traditional financial giants continue to join the blockchain ecosystem through Chainlink. On Tuesday, Moody’s Rating concluded 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.

0.90 Taker Ratio Signals Seller Control in LINK Derivatives

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

$10 in Focus as LINK’s Technical Outlook Stays Bearish

At press time on Wednesday, Chainlink stands at $10.2750, continuing the downtrend in place since early October. Trading below both the 50-day Exponential Moving Average (EMA) at $11.6465 and the 200-day EMA at $10.9883 keeps LINK’s near-term bias bearish.

Rallies are likely to encounter selling as overhead resistance clusters between the horizontal barrier at $10.8700 and the 200-day EMA.

Daily momentum indicators also remain weak. Around 36, the Relative Strength Index (RSI) sits in bearish territory, just above the oversold zone. Meanwhile, the Moving Average Convergence Divergence (MACD) holds below zero, signalling continued dominance of downward momentum.

Immediate downside support lies at $10.0340. A break below that level would likely clear the way towards $8.9700. Should the retreat deepen, $7.8500 and $7.0100 could provide further support, with buyers potentially attempting to establish a more durable base there.

For any recovery, $10.8700 marks the first resistance level. The next barriers are 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 prevailing downward pressure and bring higher resistance at $12.6080 into view.

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