Chainlink’s price has dropped by 9% over the past day, testing a key level that traders watch for possible bounces. Crypto analyst Feras highlighted this on X (formerly Twitter), calling attention to the “golden pocket” – a Fibonacci level that often signals where prices might turn around.
LINK’s price has pulled back to the 61.8%-65% Fibonacci level after its climb from $4 to $30. Many traders see this zone as a good place to buy in, as demand typically increases here. Market participants are now watching to see if LINK will stop falling and start climbing again, or continue dropping.
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LINK’s Price Movement and Technical Analysis
Before this pullback, Chainlink’s price had a strong run from $4 to $30. Using the Fibonacci tool, we can see LINK has now fallen to that critical 61.8% level – the “golden pocket.” This area often marks a turning point for many crypto assets, making it an important support zone.
The chart shows several other Fibonacci levels (23.6%, 38.2%, and 50%) that LINK has already tested on its way down. If the price breaks below the current support, the next potential floor sits around the 78.6% level, which lines up with previous support around $9-$10.
LINK Market Sentiment and Analyst Perspective
Crypto Feras tweeted that he’s confident about this support zone. He’s bought LINK here before and plans to buy more. He thinks this level could help prices bounce back. But traders have mixed feelings and are waiting to see if there’s a real turnaround.
Volume and candlestick patterns will be important in figuring out if LINK can hold this level. More buying or patterns like a double bottom might signal an upward move. Conversely, if selling pressure continues, LINK’s price may test lower support zones.
Potential Scenarios for LINK’s Price Action
If Chainlink’s price holds above the golden pocket and buying momentum increases, it could signal a possible price recovery toward previous resistance levels, including $17 and $20. If prices break below this zone, we could see further drops, with the $9-$10 area being the next support to watch.
Traders are keeping an eye on price movements, with many waiting for technical signals before making any moves. How LINK performs at this support level will determine where prices head in the short term.
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