- The price of Chainlink (LINK) has declined by 4% and is now testing the essential zone at $13.48 and the channel’s lower border at $12.30.
- If $12.30 is lost, bears may try to push prices below the $8.00 support, where the price stood last year.
- The resistance at $14.51 stops further gains, so a rise beyond $17.70 must happen to bring buyers back in control.
Chainlink (LINK) is reaching a significant technical level following a 4% drop in its value in the past 24 hours. The token is now trading at $13.91 which has caused concern about further price falls if crucial support points are broken.. Analysts are monitoring whether the cryptocurrency can maintain its position within a rising parallel channel that has defined its structure for months.
Testing the Lower Channel Boundary
The lower boundary of the ascending channel—currently sitting around the $12.30 mark—is emerging as a crucial support zone for LINK. Historical price action indicates that this level has previously served as a base for bullish reversals. However, failure to hold this trendline could expose the asset to steeper declines. Based on current technical projections, a break below $12.30 might open the path to the $8.00 level, a zone that hasn’t been revisited since mid-2023.
Chainlink Faces Key Resistance Amid Consolidation Signals
On the upside, resistance at $14.51 remains a significant barrier. The price recently tested this level but was unable to maintain upward momentum. Should bulls reclaim control and push LINK above this threshold, the next major resistance lies around $17.70, near the mid-range of the channel. Further strength could target $23.00, which coincides with the upper band, but the current market sentiment appears hesitant.
Chainlink’s 24-hour trading range shows a high near $14.51 and a low close to $13.48, which has temporarily acted as minor support. The recent rejection from the upper half of the channel and failure to break key resistance levels signals increased uncertainty. Price action within this range suggests a potential consolidation phase or a setup for a decisive breakout—or breakdown.
Market Structure and Price Outlook
The broader structure on the weekly time frame remains intact within the upward channel, yet volatility around major levels highlights the sensitivity of LINK’s price. If support at $13.48 and $12.30 is invalidated, sentiment may shift more defensively. On the other hand, maintaining the current structure could allow for a medium-term recovery toward prior highs.
At present, traders and observers appear focused on how LINK behaves around the $13.48 and $12.30 zones, which may determine its next directional move.
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