The cryptocurrency Chainlink (LINK) is facing a critical moment as its price nears a multi-year support level.
Current Situation Overview
The crypto market dropped by more than 4% in the last day. Chainlink’s (LINK) price fell over 6%, trading at $13.45, which is 74% below its all-time high. Analysts have raised concerns as LINK is testing a multi-year support trendline.
Short-Term Indicators
Short-term charts indicate LINK’s price struggling to regain momentum, facing resistance between $14.70 and $16.00. Analysts note weak buying activity and a possible drop to $12.50 if $13.50 support is broken.
Price Scenario Outlook
If LINK holds its current position, a short recovery to $15-$17 is possible. However, falling below $12.50 might test even lower support levels. The future of LINK depends on broader crypto movements like Bitcoin and Ethereum.
As experts monitor Chainlink’s price movement, maintaining support levels will be crucial.
