Chainlink (LINK) has once again failed to break the resistance level at $26, which could lead to a retest of the support zone at $21.
Rejection at $26
LINK price has faced rejection at the $26 level, a significant resistance point for the asset. The repeated failures to breach this level have led traders to anticipate a potential retest of the support zone at $21.
Critical Support at $21
The level at $21 is crucial, coinciding with the 0.618 Fibonacci retracement level, volume-weighted average price (VWAP), and other support levels. Successfully holding above this range could consolidate the bullish formation in the market.
Looking Ahead for LINK
With the current limitations at the $26 resistance, traders are shifting their focus to the support around $21. Holding this support level may assist in further growth for LINK, while a drop below could lead to a significant pullback.
The outlook for LINK remains uncertain, and testing the $21 support level will be a significant factor for the future price direction.
