Chainlink (LINK) is trading at $14.25, marking an 8.65% decline from the previous session. The price remains volatile with traders watching support and resistance levels.
Short-Term Price Action
On the 15-minute chart, LINK is testing $19.59 support, with resistance at $20.35. A rebound could push the price toward $21.55. The 1-hour chart shows immediate resistance at $15.32 preventing a breakout, while strong support at $13.87 is holding back further losses. The 4-hour chart indicates LINK is maintaining its position above the 100-period EMA at $13.40. A successful breakout above $18.50 could drive LINK toward $20.00.
Signs of a Possible Reversal
RSI at 34 suggests LINK is nearing oversold conditions, signaling a potential buying opportunity. Heikin Ashi candles indicate weakening bearish momentum, suggesting that sellers are losing control. A confirmed breakout above $17-$18 would solidify a bullish reversal and shift momentum in favor of buyers.
What's Next for LINK?
If LINK fails to hold $14.00, it could drop toward $13.00 or lower. However, a break above $15.32 may spark a recovery, with a move beyond $18.50-$19.50 confirming a shift in trend. The next 24-48 hours will be crucial in determining the market direction.
Chainlink is at a critical juncture, and the upcoming days will be pivotal for assessing the market's direction.
