Reviewed by Reviewed by Jacob Thomas Updated 04:00 EDT October 9, 2026 Share Share Share Back to Top The Chainlink [LINK] Cross-Chain Interoperability Program (CCIP) version 2.0 was released on the 28th of September. The groundwork for its Q4 cycle was laid, it was reported. Yet, the LINK price is down 8.12% from the $14.02 daily session open on the same day
Moreover, the price drawdown was part of the wider crypto market sell-off. Chainlink crypto maintained its bullish overall trend, but investors were not extremely enthusiastic about the immediate bullish prospects
Though the CCIP represented a sturdier bridge, the altcoin is also subject to macro conditions and LINK-specific sentiment shifts
A crypto analyst observed that Chainlink crypto was breaking below the neckline of a head-and-shoulders pattern it had formed on the 4-hour timeframe
If LINK continued to trade below $13.56, the chances of a continued price move down toward $12.39 and $11.98 remained likely
Towards the end of September, the chances of a Chainlink rally beyond $15 were good. However, the altcoin fell below a rising trendline support from mid-September, shifting its short-term bias bearishly
On the daily timeframe, the swing structure was bullish. The $12 area was key, with multiple candlewicks to it over the past two weeks. It is possible that LINK would dip briefly below $12 to sweep the liquidation levels below before recovering
The A/D indicator continued to show buyers were dominant. The Awesome Oscillator highlighted some short-term bearish momentum, but the indicator remained above zero to showcase overall bullishness
The 4-hour timeframe’s structure shifted bearishly when the $13.47 swing low (dotted cyan) was breached a few days ago. The technical indicators showed heightened sell pressure and downward momentum in October
Notably, a deeper retracement toward the 78.6% Fibonacci retracement level at $11.72 was possible. Moreover, buyers can wait for a positive price reaction from $11.72-$12.0 before looking to buy
Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories
