Chainlink (LINK) has undergone a 4.56% correction in the last 24 hours.
This correction was triggered by the LINK price breaking through its critical support level of $13.275, indicating a surge in selling pressure.
The 50-day Exponential Moving Average (EMA) is currently acting as a resistance level for LINK, while the Relative Strength Index (RSI) suggests a bullish rebound in the oversold range.
The cryptocurrency market has been experiencing increased price volatility, and Chainlink (LINK) has not been immune to the prevailing bearish pressure. In the past day, the LINK price has experienced a 4.56% correction, with a trading volume of $282.500, representing a 4.78% increase during this period.
Moreover, the Chainlink token has witnessed a 7.01% decline over the past seven days and approximately 11% over the last 30 days. Its year-to-date (YTD) return currently stands at -17.18%, highlighting the significant bearish influence on its market performance.
Chainlink (LINK) Price Analysis: Potential Breakdown Imminent
The price of LINK recently breached its critical support level of $13.275, signaling a rise in selling pressure compared to buying pressure in the cryptocurrency market.
Furthermore, the altcoin has formed a channel pattern within the 4-hour time frame and is on the verge of testing its support trendline. The outcome of this test remains uncertain and could have a substantial impact on LINK’s future price movement.
If market sentiment shifts and the bulls manage to push the price above the resistance level of $13.275, they could regain momentum and prepare to test the resistance trendline in the near future. If the bulls successfully hold the price at that level, the LINK price may potentially target its upper resistance level of $15.050 within this month.
However, if the bears continue to dominate the cryptocurrency market, the Chainlink price may experience a significant decline. In this scenario, LINK could plummet towards its crucial support level of $11.775 by breaking its support trendline in the upcoming period.