Chainlink Faces Downward Pressure After Failing to Break $18 Resistance
Chainlink (LINK) is experiencing a downturn after failing to break the $18 resistance, dropping over 16%. Key points include:
- Technical analysis indicates potential retracement to lower demand levels.
- Concerns of intensified selling pressure if broader market conditions remain uncertain.
- Current price action suggests LINK may revisit support levels around $10.
- Failure to hold above $17.50–$18 confirmed breakdown of bullish momentum.
- Support zone identified between $14.80–$15.00; next major support at $13.20.
Recent volume increase suggests profit-taking and renewed selling interest. LINK must reclaim the $16 zone and close above the 200 EMA to restore bullish sentiment. The upcoming trading sessions are critical for determining its short-term trajectory.
