Chainlink (LINK) is trading at $14.25, marking an 8.65% decline from the previous session. The price remains highly volatile, with LINK testing critical support zones. Traders are closely monitoring whether the market will stabilize or if further downside is on the horizon.
Short-Term Price Action
- 15-Minute Chart: LINK is testing $19.59 support, with resistance at $20.35. A rebound could push the price toward $21.55, while a breakdown could trigger further declines.
- 1-Hour Chart: Immediate resistance at $15.32 has prevented a breakout, while strong support at $13.87 is holding back further losses. A push above $15.32 could initiate recovery toward $16.06, but failure to hold key levels may result in a downward move.
- 4-Hour Chart: LINK is maintaining its position above the 100-period EMA at $13.40, a critical level for sustaining upward momentum. Resistance at $18.50 remains a significant barrier to recovery, and a successful breakout could drive LINK toward $20.00.
Signs of a Possible Reversal
- RSI at 34 suggests LINK is nearing oversold conditions, signaling a potential buying opportunity.
- Heikin Ashi candles indicate weakening bearish momentum, suggesting that sellers are losing control.
- A confirmed breakout above $17-$18 would solidify a bullish reversal and shift momentum in favor of buyers.
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What’s Next for LINK?
If LINK fails to hold $14.00, it could drop toward $13.00 or lower. However, a break above $15.32 may spark a recovery, with a move beyond $18.50-$19.50 confirming a shift in trend.
With LINK at a pivotal moment, the next 24-48 hours will determine whether a rebound unfolds or if further declines take hold.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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