Chainlink is facing increasing investor concerns due to a continued price decline amidst negative market dynamics against both Bitcoin and the US dollar.
Prolonged Decline of LINK/BTC Pair
Since peaking above 0.0013 BTC in early 2021, LINK has been on a downward trajectory, showing no signs of recovery. Each recovery attempt has ended in failure, and the support at 0.00020 BTC has been breached, leaving the pair in uncharted territory.
Chainlink Price Breakdown Risks
According to recent data, the price of LINK dropped to $13.30 on June 13, marking a nearly 5% loss in a single day. Traders are closely watching key support levels amid increasing pressure on both trading pairs. If the price falls below $13.00, the next target could be at the $12.00 level.
Negative Chainlink Structure on Charts
The LINK/BTC and LINK/USDT charts exhibit a clear bearish structure. The downtrend continues, as each recovery has resulted in lower highs, with buying activity failing to lead to significant increases.
Chainlink continues to face challenges amid overall bearish market sentiment. The absence of a strong rebound and breakout levels may indicate further risks for investors.
