Chainlink’s LINK token is down 6% this week, trading around $13.6 at press time. While this drop is significant, it aligns with the overall cryptocurrency market downturn over the past week. According to prominent crypto analyst Michaël van de Poppe, LINK is facing a critical test of support at the $13.20 level.
In a recent tweet, van de Poppe stated: “#Chainlink is facing a retest at $13.20 as an essential level to watch. Did sweep the liquidity beneath the recent lows, if we go there again, then I’m assuming $10-11 is a likely bottom. For now, $13 for a potential support test before going back upwards.“
He believes that if LINK breaks below $13.20, it could fall as low as $10-11 to find a bottom. However, the $13 level may provide enough support for a bounce before a steeper drop.
In a following tweet, van de Poppe remained bullish on LINK’s Bitcoin pair, saying: “#Chainlink against Bitcoin is still looking for a big breakout later this year. Higher lows are being established, a breakout above 4500 sats, and it’s going to go to 9000 sats. I’m buying the dips.“
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Show more +So while LINK may continue falling against the US dollar in the short-term, van de Poppe sees upside potential later this year against BTC. He recommends accumulating during temporary price weakness.
Analyzing LINK’s price chart, Coinpedia outlined several bearish signals that could lead to further losses:
- LINK is trading within a falling channel, exhibiting a negative trend
- A recent three black crow candlestick pattern indicates growing selling pressure
- The $17 overhead resistance has repeatedly rejected price rallies
- LINK is struggling to stay above its 50-day EMA support level
- The MACD indicator nears a bearish crossover
Coinpedia notes that “a breakdown from the current channel could significantly lower LINK’s price.” They identify the “$12 and $17 levels as key areas to watch” that will determine future price action.
In summary, while Chainlink faces intermediate-term bearish pressures, long-term fundamentals remain strong. The crypto market downturn continues fueling LINK’s price pullback towards crucial support levels between $12-13. A bullish reversal from current prices could lead to a retest of overhead resistance around $17.
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