The encryption market decreased by more than 4 % in the last day. The price of Chainlink (Link) fell more, more than 6 %. Currently, it is traded at $ 13.45, which is less than 74 % of the highest price ever. Analysts have raised concerns about asset price movement, pointing to the multi -year support line currently testing.
Looking at the charts, Chainlink follows up ascending a 2018, which was a strong support area. If it collapses less than this line, the price may decrease more. The support zone is identified between $ 10 and $ 11 as the next potential level if the link fails to maintain its location over the direction line.
The Amcrypto elite analyst is highlighted by Make -or Break on X (previously Twitter), saying that a weekly closure below the trend will be a devastating price for ChainLink. If the support continues, the price recovery may occur, but the collapse can nullify the long -term bullish structure of the link, which may send it to a range between 7 and 8 dollars.
Short Cainlink indicators show a weak purchase activity
Short -term plans indicate that the Link price was struggling to restore momentum. The price continues to make the peaks and valleys less, indicating that the sellers win. It faces difficult resistance between $ 14.70 and $ 16.00. If less than $ 13.50 decreases, it may decrease to about $ 12.50.
Cryptojobs3 higher analysts stated that they reduced their losses after LINK lost the main support, noting poor purchase pressure and the impact of the broader market movements in Bitcoin. A tweet also noticed that Bitcoin and Ethereum fluctuations could increase LINK price.
Also read: Why did the encryption market decrease today?
SAINLONK market morale and potential price scenarios
If LINK holds its existence now, it may return to $ 15 to $ 17 for a short recovery. But if it is less than $ 12.50, it may test less support points than the past.
With all climbing and landing in Crypto recently, experts are monitoring the bitcoin and ethereum, because they often Impact on ChainLink price movements. Everyone is watching to see if Chainlink can climb backward or whether it will continue to fall.
Follow us X (twitter)and Coinmarketcap and Binance Square For more daily encryption updates.
Get all our future calls by joining A free telegram group.
We recommend etoro
The community of active users and social features such as news extracts, and chats to obtain specific metal coins available for trading.
A wide range of assets: cryptocurrencies along with other investment products such as stocks and traded investment funds.
Trading copies: It allows users to copy prominent traders trading, for free.
Easy to use: ETORO web platform on the web -based etoro and the mobile application is easy to use and easy to move.
