Chainlink Price Forecast: With Moody’s Ratings’ CCIP testnet pilot complete, LINK holds at $10

• Following Tuesday’s 3% fall, Chainlink ticks higher on Wednesday as the decline pauses.
• 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 broadens access to the LINK token through Schwab Crypto.

After losing roughly 30% over the past five weeks, Chainlink (LINK) is struggling to stabilise above $10 on Wednesday. Tuesday saw Moody’s Rating complete a testnet using Chainlink’s protocols, while Charles Schwab began offering LINK to clients, pointing to broader adoption among financial institutions. Selling pressure remains dominant, leaving LINK’s technical outlook bearish.

Chainlink Broadens Its Institutional Adoption

Traditional financial giants continue to adopt blockchain 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.

Selling Pressure Regains Control of LINK Derivatives

Sellers have reasserted control over Chainlink’s derivatives market. According to CoinGlass, the LINK futures taker buy-to-sell ratio has fallen to 0.90. This suggests market orders are consuming resting bids, with traders likely selling in panic.

Technical Outlook: LINK Faces Risk of Losses Below $10

At $10.2750 at the time of writing on Wednesday, Chainlink continues the downtrend that began in early October. Its near-term bias remains bearish, with LINK below both the 50-day Exponential Moving Average (EMA) at $11.6465 and the 200-day EMA at $10.9883.

Rallies are likely to encounter selling pressure within a cluster of overhead barriers running from horizontal resistance at $10.8700 to the 200-day EMA.

On the daily chart, the Relative Strength Index (RSI) sits around 36, just above the oversold zone but still in bearish territory, underscoring weak momentum. The Moving Average Convergence Divergence (MACD) also holds below zero, signalling that downward momentum continues to prevail.

Immediate support lies at $10.0340. A breach would likely clear the way for a move towards $8.9700, while a more pronounced retreat could encounter further support at $7.8500 and $7.0100. Buyers could seek to establish a more lasting base at those levels.

Initial upside resistance stands at $10.8700, ahead of the 200-day EMA at $10.9883 and the 50-day EMA at $11.6465. To relieve the prevailing downward pressure and bring higher resistance at $12.6080 into view, LINK would need a daily close above these EMAs.

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