Chainlink Faces Short-Term Decline with Key Support at $12 and Resistance at $16
- Chainlink faces short-term weakness, with support at $12 and resistance at $16.
- Breach of $13.50 support may trigger further decline; recovery could target $15.20.
- LINK’s price closely follows Bitcoin, showing potential accumulation opportunities for patient investors.
Chainlink (LINK) is emerging as a short-term weak performer, as it is struggling around critical support levels. It has been suggested that a breakdown beneath support could result in a decline, whereas a rise might result in a positive move. Overall, the short-term price movement of the cryptocurrency is linked to overall market conditions and accumulation.
At press time, Chainlink (LINK) is trading at $13.72, with a 24-hour trading volume of $821.8 million and a market capitalization of $9.57 billion. Over the last 24 hours, LINK has dropped by 2.46%, signaling a potential short-term weakness in the market.
Chainlink Eyes Critical Support Levels
Noting this, crypto analyst CryptoWzrd stated that the daily candle closed in a bearish manner, which means that the decline might continue. In his analysis, if the price of LINK breaches the support level of $13.50, further decline might be experienced, although a sideways movement is also a possibility.
In the case of LINKBTC, the market ended the day with indecisive activity and is now close to the daily lower high line from which a successful breakout on the upside can result in a rapid price surge to the subsequent resistance level, making it potentially a bullish day for LINK.
The critical support and resistance points are $12.00 and $16.00, respectively. It has been observed that the price of LINK over the weekend is expected to follow Bitcoin.
LINK Faces Intraday Bearish Pressure
The intraday chart for LINK today is bearish, with most of the fall happening during the US trading hours when Bitcoin and high-risk instruments saw a sudden sell-off. The current state of LINK is that it is trending around the support level of $13.50. Breach of this support can cause a further decline, but a positive turn can also bring a short-term buying chance at $15.20.
Also Read | Chainlink (LINK) Poised for $20 Rally as Tokenization Boosts Institutional Adoption
Chainlink Shows Strong Accumulation Potential
To add more perspective to the outlook, another analyst, Cryptollica, highlighted that the current price of Chainlink might be a great accumulation point from a technical, fundamental, as well as on-chain analysis perspective.
The analyst has compared this situation with what happened in XRP’s previous breakout from the $0.30-$0.50 range, which has met the target after a waiting game.
Overall, Chainlink is under short-term bearish pressures but is still close to critical supports. The overall markets are anticipated to follow the lead of Bitcoin, with patient accumulation being considered a lucrative opportunity by experts.
Also Read | Chainlink Bulls Eye Explosive Rally Toward Massive $150 Target Soon
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