Chainlink (LINK) is currently experiencing significant market pressure, trading close to the 12.15 mark as it grapples with short-term resistance levels. According to the experts cited in the publication, the situation is becoming critical as the cryptocurrency's performance has raised concerns among investors while it remains near the lower end of its December price range.
Market Momentum and Seller Dominance
At present, sellers are dominating the market momentum, which has hindered LINK's attempts at a rebound.
Critical Long-Term Support Testing
The cryptocurrency is now testing critical long-term support around the 1200 level, a situation that could lead to increased volatility.
Risks of Potential Breakdown
The ongoing downtrend, coupled with repeated tests of this support, heightens the risk of a potential breakdown. This could further dampen market sentiment and investor confidence.
Earlier today, Chainlink's LINK token was highlighted for its crucial role in the decentralized finance (DeFi) landscape, providing essential data feeds for smart contracts. For more details, see the full article here.
