Chainlink (LINK) Price News: Tumbles 6% as Technical Breakdown Trumps UBS, FTSE Partnership

Chainlink's LINK token dropped 6% to $14.59 amid significant trading volume, despite recent partnerships with UBS and FTSE Russell. These alliances include UBS conducting the first tokenized fund transaction through Chainlink and FTSE Russell integrating its indices with blockchain technology via Chainlink's DataLink services. However, these developments could not prevent a breakdown below the crucial support level of $15.26, indicating a descending channel confirmed by a volume spike of 154%. The breakdown was marked by trading volumes exceeding 4.69 million tokens, showcasing aggressive selling rather than regular market fluctuations. The price decrease culminated in the last trading hour, where LINK fell sharply from $15.22 to $14.70. Traders are now watching for further declines toward the $14.00 support zone before any potential stabilization occurs.

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