Chainlink Struggles Below $12.50 Amid Bearish Pressure
Key Takeaways
- Chainlink (LINK) is currently testing the former support zone at USD 12.50 – this could now act as resistance.
- Technical indicators and on-chain data point to a possible continuation of the downtrend.
- Liquidation zones below USD 10 could create additional selling pressure.
- A break below USD 12.50 could activate price targets at USD 10 and USD 7.50.
Technical Outlook: Resistance Instead of Support?
Following a decline in recent days, the price of Chainlink (LINK) is once again at the USD 12.50 level. This zone previously acted as support and could now turn into resistance. A convincing breakout to the upside has yet to materialize. Instead, the price is moving below a downward-sloping trendline – a sign of a weakening market structure.
Since the local high around USD 16, LINK has not formed a higher high. This goes against a short-term trend reversal. If the price fails to reclaim the USD 12.50 level, a further decline is likely.
On-Chain Data Shows Selling Pressure
According to data from CryptoQuant, LINK’s net deposits on centralized exchanges are slightly above the 7-day average. This means more investors are transferring their coins to trading platforms – often a precursor to selling activity.
While these inflows remain moderate, they coincide with a technically weak setup. This combination increases the likelihood of a further price drop.
Liquidations Could Push the Price Lower
A look at liquidation data from CoinGlass shows that there are many long positions around the USD 10 level that could be liquidated if prices fall further. Such liquidation clusters often attract market movements, as they provide liquidity.
If the price drops to USD 10 and triggers these positions, it could set off a chain reaction. A further decline to USD 7.50 – the high from Q4 2023 – would then be possible.
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Market Remains Directionless
The overall picture of the crypto market currently shows no clear direction. In such an environment, prices often react sensitively to technical levels and liquidity zones. For LINK, this means: As long as USD 12.50 is not sustainably reclaimed, the downside risk remains elevated.
Our Assessment
LINK is at a critical juncture. The area around USD 12.50 will determine the short-term direction. If it doesn’t hold, USD 10 and later USD 7.50 could come into focus. On-chain data and liquidation levels support this scenario. Anyone invested in LINK should keep an eye on these levels and consider the current market environment.
Sources
- CryptoQuant
- CoinGlass
- TradingView
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