Following a failed breakout at $15.17, Chainlink (LINK) is under pressure, trading around $14.46. The impending hold of the $14.40 support level could define the next price move.
Current Support and Resistance Levels
A drop below $14.40 could accelerate selling pressure, pushing the price toward $14.20, breaking the ascending triangle's trendline. If buyers defend at $14.40, a rebound toward $15.17 is possible. A breakout above this level could reverse sentiment to bullish, with a potential target at $17.40.
Breakout Potential
A decisive move above $17.40 may spark a long-term rally, attracting more buyers and boosting market confidence. This scenario benefits both short-term traders and long-term investors.
Market Outlook
The battle at $14.40 will dictate LINK’s next move. A breakdown risks further losses, while a strong rebound might push the price to $17.40 and beyond. With rising volatility, traders should monitor these levels closely.
Careful observation of current support and resistance levels can aid traders in crafting their strategy in the near term. Rising volatility calls for cautious decision-making.
