- Chainlink (LINK) price drops 4.56% in 24 hours.
- LINK’s year-to-date return falls to -17.18%.
- Potential downturn if LINK breaks $11.775 support level.
The digital currency market has been subject to significant price fluctuations, and Chainlink
Moreover, the Chainlink token has depreciated by 7.01% in the past week and around 11% over the previous month. The coin’s performance since the beginning of the year has been negative, with a year-to-date (YTD) return of -17.18%, highlighting the prevalent bearish sentiment in its market value.
Chainlink (LINK) Price Analysis: A Possible Downturn on the Horizon
The price of LINK has recently fallen below its key support level at $13.275, suggesting that there is a stronger inclination to sell rather than buy in the crypto market.
In addition, the altcoin has developed a channel pattern on the 4-hour chart and is now approaching a test of its support trendline. The result of this test remains uncertain and could greatly influence LINK’s price direction going forward.
Should the market mood improve and buyers succeed in driving the price over the $13.275 resistance level, they might regain control and aim to challenge the resistance trendline soon. Should buyers maintain the price at this level, LINK’s price could aim for a higher resistance level of $15.050 within the current month.
On the other hand, if sellers maintain their hold over the crypto market, the price of Chainlink could see a notable drop. Under these circumstances, LINK might fall towards its significant support level of $11.775 by breaking through its support trendline in the time to come.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
