Chainlink Price Prediction: Analyst Warns of a Possible Reversal Ahead for LINK – Here’s Why
LINK dropped about 11% in the last day, now sitting at $20.40. But trading has picked up significantly; volume is up 235% as more people buy and sell.
The crypto community is keeping a close eye on LINK’s price moves as the charts show mixed signals about where it might go next. Prominent analyst Crypto_Jobs shared on X that LINK is in a bullish correction phase. Moreover, the analyst warns about a possible price drop if certain levels don’t hold.
What you'll learn 👉
Support and Resistance Levels Define LINK’s Price Next Move
The $17.50 and $17.00 price zones have emerged as strong support areas for LINK’s price, serving as potential safety nets in case of further downward pressure. These levels have been tested multiple times in recent price action, reinforcing their importance. A drop below $17.00 could result in bearish momentum, with the next key level being $16.93.
Furthermore, LINK’s price needs to break through resistance at $19.48 and $20.50 to keep moving up. The $20.50 mark is especially important since it lines up with a key price level that traders watch.
Chainlink Technical Analysis
LINK’s price is following an ascending trendline that originated near $17.00. This trendline has provided consistent support and is a key factor in sustaining the bullish correction phase. There’s a trend line that could help push the price toward those resistance points at $19.48 and $20.50. But if the price drops below this line, we might see LINK test lower support levels.
Moreover, Crypto_Jobs highlighted both opportunities and risks in his analysis. He noted that while the bullish correction phase suggests potential upside, a close below $17.00 on the 4H chart could lead to further declines. The analyst also pointed out that LINK’s price may test resistance levels before any reversal occurs.
Read Also: Hedera (HBAR) and Chainlink (LINK) Prices Risk Further Dip as 2-Month-Old Supports Weaken
Market Sentiment Reflects Mixed Signals For Chainlink
The big jump in trading volume shows that more traders are getting involved, likely trying to figure out LINK’s price next move. While the price is still in an upward correction, everyone’s watching those key price levels for hints about what’s next. The next few days should show whether LINK can keep climbing or if it’s due for a drop.
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