- Chainlink opened at $22.07, marking a 4% weekly gain despite daily volatility.
- Price faces resistance near $23 with potential targets up to $27.17.
- Trading volume dropped 5.55%, reflecting short-term selling before mild recovery.
Chainlink, a decentralized oracle network has hinted a new market structure in it price. During today’s Asian trading session, market data reveals that LINK opened it market with a price value of $22.07, this opening price has added more gain to it weekly stand with over 4% gain.
Chainlink Slips 1.98% Today as Price Falls Below $22.25 Before Mild Recovery
At the time of writing this article, Chainlink (LINK) traded at $22.12, recording a 1.98% decline over the past 24 hours. The price chart shows downward movement beginning near $22.65 before dropping below $22.25 during the late trading hours. The decline deepened around 3:00 a.m., when LINK briefly touched the $21.50 mark, marking the lowest point of the day.
After the early morning low, the token recovered slightly, stabilizing above the $22.00 range. Intraday trading reflected short-term volatility, with repeated fluctuations between $21.75 and $22.25 throughout the session. The 24-hour trading volume stood at approximately $809.75 million, showing a 5.55% decrease from the previous day.
LINK’s market capitalization reached $15 billion, down by 1.97% within the same period. The overall trading pattern displayed a consistent downward trajectory with minor rebounds. The price movements indicated sustained selling pressure across the day before limited recovery toward the latest recorded level of $22.12.
Chainlink (LINK) Eyes Break Above $23 With Potential Upside Toward $27
According to an analysis prepared by Ali Charts, Chainlink (LINK) has been moving within a descending parallel channel since early September. The price recently tested the mid-range resistance zone close to $23 after rebounding from the lower boundary near $21.00. The upper boundary of the channel sits around $25.30, while the lower limit extends near $20.10.
Source: X
A Fibonacci retracement grid is visible on the chart, marking the 0.382 level near $24.23 and the 0.618 level around $22.51. The 0.236 line, positioned near $23.94, acts as a short-term resistance. The dotted projection line outlines a potential upward path if LINK breaks above $23.
Price projections on the chart indicate possible moves toward $24.23, $25.31, and eventually $27.17 in the coming sessions. LINK’s trend structure shows repeated lower highs and lower lows within the channel, consistent with ongoing consolidation. The current setup monitors a breakout from $23 that could signal a continuation toward upper Fibonacci levels.
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