Bearish Pressure Mounts As Major Cryptos Teeter Near Critical Support Levels
Key Summary
Major digital assets face steep downside pressure as Chainlink, Cardano, Ethereum, and Dogecoin test crucial historical supports. Technical indicators point to looming death crosses and oversold RSI readings across multiple spot exchanges, forcing institutional traders to re-evaluate risk models amid drying trading volumes.
Key Bullets
- Chainlink trades near $10.49 on spot exchanges with the 50 EMA closing in on the 100 EMA.
- Cardano hovers around $0.1776 as daily volume drops to yearly lows across major order books.
- Ethereum sits near $2,095 after losing the $2,300 resistance level following a sharp red candle.
- Dogecoin tests a strict support floor at $0.0694 while market participants monitor declining order-book depth.
Chainlink Approaches Imminent Death Cross On Daily Charts
Chainlink slid 2.8% to change hands at $10.49 Monday morning as daily order-book depth monitored by exchange aggregators revealed converging moving averages. Technical charts monitored by spot trading desks show the 50 EMA resting at $11.70 while the 100 EMA sits at $11.40. The asset has shed 33.1% of its market value since September peak levels near $15.70.
Charles Schwab previously announced plans to list the token on its institutional trading platform. Schwab has not yet disclosed a definitive launch date for the asset. Buyers stepped in twice over the last two weeks to defend the $10 threshold.
Cardano And Ethereum Face Severe Downside Risk
Cardano trades at $0.1776 following a 37.0% drawdown from its October peak near $0.28. Daily trading volume across November remains near yearly lows according to spot market telemetry. The RSI sits below 40 near oversold territory while lacking near-term catalysts.
Ethereum dropped to $2,095 after a steep decline erased most late-summer gains from the $2,800 September high. Public on-chain data shows the asset trading below all major moving averages. The RSI hovers near 30 as sellers test vital psychological floors.
Whale Accumulation And Derivatives Purges During The November Sell-Off
Today's development follows an established trajectory that began on November 7, 2026, when Ethereum dropped 9.87% to $2,239 amid heavy derivatives selling pressure and institutional exchange-traded fund capital outflows totaling $365M. During that same period, large holders aggressively accumulated assets, exemplified by a single whale address acquiring 8,773.5 tokens worth $19.70M while another derivatives trader deployed a $45.3M long position on perpetual swaps. Broader market liquidations purged $300M in leveraged long positions as registered investment products bled capital, mirroring the severe downside tests currently observed across digital asset order books.
Impact score:3 out of 5 | Narrative Tracker:Exchange Operations & Market Liquidity
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