The crypto market dropped by more than 4% in the last day. Chainlink’s (LINK) price has fallen even more, down over 6%. Right now, it’s trading at $13.45, which is 74% below its highest price ever. Analysts have raised concerns about the asset’s price movement, pointing to a multi-year support trendline that LINK is currently testing.
Looking at the charts, Chainlink has been following an upward line since 2018, which has been a strong support area. If it breaks below this line, the price might fall further. The support zone between $10 and $11 has been identified as the next potential level if LINK fails to maintain its position above the trendline.
Elite analyst AMCrypto highlighted the make-or-break situation on X (formerly Twitter), stating that a weekly close below the trendline would be devastating for Chainlink’s price. If support holds, a price rebound could occur, but a breakdown could invalidate LINK’s long-term bullish structure, potentially sending it toward the $7–$8 range.
What you'll learn 👉
Chainlink Short-Term Indicators Show Weak Buying Activity
Short-term charts indicate that LINK’s price has been struggling to regain momentum. The price keeps making lower peaks and valleys, showing that sellers are winning. It faces tough resistance between $14.70 and $16.00. If it drops below $13.50, it could fall to about $12.50.
Top analyst CryptoJobs3 mentioned on X that they cut their losses after LINK lost key support, citing weak buying pressure and the influence of Bitcoin’s broader market movements. The tweet also noted that Bitcoin and Ethereum’s downturns could further weigh on LINK’s price action.
Read Also: Why Is the Crypto Market Down Today?
Chainlink Market Sentiment and Possible Price Scenarios
If LINK holds where it is now, it might bounce back to $15-$17 for a short recovery. But if it falls below $12.50, it could test even lower support points from the past.
With all the ups and downs in crypto lately, experts are keeping an eye on Bitcoin and Ethereum, since they often influence Chainlink’s price movements. Everyone’s watching to see if Chainlink can climb back up or if it will keep falling.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
