Chainlink’s LINK token is currently struggling to break the $13.80 resistance level. However, if the $13.00 support breaks, a downward movement may continue. Against the dollar, Chainlink’s price shows signs of decline below the $14.00 resistance. The current price is $13.41. If LINK surpasses the $13.80 resistance zone, a strong upward momentum may begin.
Chainlink Must Overcome Critical Resistances for Price Increase
In recent days, Chainlink has experienced a steady decline well above the $13.80 level. Similar to other cryptocurrencies like Bitcoin and Ethereum, LINK’s price fell below the $13.50 support level while about to enter a short-term bullish zone.
The price tested the $13.10 support zone, reaching a low of $13.07. A brief recovery wave followed, pushing the price above $13.50. However, bears remain active below the $13.80 resistance. Therefore, LINK is still trading below the $13.80 level.
Immediate resistance is near the $13.50 level. Additionally, the LINK/USD pair’s 4-hour chart shows a significant downtrend line around $13.50. The next major resistance is near the $13.80 zone. A clear break above this level could trigger a steady rise towards the $14.00 level.
Chainlink May Fall if It Fails to Break $13.50
If Chainlink (LINK) fails to break the $13.50 resistance level, a new downtrend might be imminent. Currently, the first resistance LINK faces is set at $13.50. If the price fails to surpass this level, it may retreat towards the initial support around $13.10.
If Chainlink experiences further losses, the next critical support level is set at $12.80. A move below this level could lead the price to decline to $12.20. Additionally, this situation could strengthen the possibility of LINK heading towards $11.50 in the near term.
According to technical analysis indicators, the 4-hour MACD indicator is gaining momentum in the bearish zone for the LINK/USD pair. This could signal a potential downtrend in the price. Similarly, the 4-hour RSI (Relative Strength Index) is currently below the 50 level, indicating that selling pressure may continue.
