Chainlink (LINK) price dropped 11% to $20.40 in the last day, while trading activity surged significantly. Trading volume increased by 235%, indicating more traders are getting involved. The crypto community is closely watching LINK’s price moves, as charts show mixed signals regarding potential changes.
Support and Resistance Define LINK’s Price Next Move
The $17.50 and $17.00 price zones have emerged as strong support areas for LINK. These levels have been tested multiple times recently, reinforcing their importance. A drop below $17.00 could result in bearish momentum, with the next key level being $16.93. LINK needs to break through resistance at $19.48 and $20.50 for upward movement.
Chainlink Technical Analysis
LINK’s price is following an ascending trendline that originated near $17.00. This provides consistent support and helps sustain the bullish correction phase. However, if the price drops below this line, LINK might test lower support levels. Analyst Crypto_Jobs highlights potential for upside while warning that a close below $17.00 on the 4H chart could lead to declines.
Market Sentiment Reflects Mixed Signals For Chainlink
The increase in trading volume indicates more traders are engaging, likely trying to determine LINK’s next price move. While the price is in an upward correction, attention is focused on key price levels. The coming days will reveal if LINK can continue climbing or is due for a drop.
Chainlink (LINK) price illustrates trends towards a shift, as markets react to elevated trading volumes and significant support and resistance levels. Market attention is focused on key price levels, which will determine future dynamics.
