Chainlink (LINK) price is flirting with a critical support level. As markets hold their breath, LINK could be gearing up for a surprising uptrend... unless a breakdown triggers a new bearish wave. Is it time to buy or wait? Let's analyze.
Over the past 24 hours, LINK has fallen by 5.25%. It is trading around $14.40 at the time of writing this article. On-chain data reveals a 13% decrease in daily active addresses, indicating declining user activity. Short position bets have also increased, suggesting that traders and investors could be anticipating a bearish trend.
The major liquidation levels are at $14.25 on the downside (support) and $15.77 on the upside (resistance). If the sentiment remains unchanged and the price continues to drop towards $14.25, close to $2.90 million worth of long positions will be liquidated. Conversely, if the price reaches $15.77, approximately $15.37 million worth of short positions will be liquidated.
Technically, Chainlink has faced consecutive rejections at the level of the descending trendline and the 200-day exponential moving average. Each rally towards these areas has triggered significant selling, forming a series of lower highs.
If LINK fails to turn $15.77 into support, another 10% decline could push the altcoin towards $12.70. Monitoring these key levels is crucial for crypto traders paying attention to market signals. If you want to buy LINK, here’s how to do it on Bitget:
Passionate about the crypto world, he explores the blockchain ecosystem to extract the most essential insights. With his expertise in SEO and web writing, he transforms news and technical analysis into clear, engaging, and impactful content. His goal? To help investors better understand the opportunities and challenges of the crypto market.
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