LINK Approaches Critical $12.5 Support Amid Increased Selling Pressure
Chainlink (LINK) is facing significant bearish pressure, with prices nearing the critical $12.5 support level. This threshold could dictate its near-term outlook amid increasing selling pressure and market weakness.
Key points include:
- LINK has broken down after a consolidation phase, approaching the $12.5 support level.
- The token is trading below key moving averages, indicating strong bearish sentiment.
- Trading volume surged over 200% during price declines, highlighting intensified selling activity.
- A shift in market structure from bullish to bearish suggests weakening buyer control.
The $12.5 support level is crucial; if it holds, there may be potential for a rebound. Failure to maintain this level could lead to further declines toward $11.1.
