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Recently, the cryptocurrency market has seen significant fluctuations, particularly affecting the price of Ethereum. These fluctuations are also impacting the price movements of Chainlink, a leading altcoin. Recently, LINK‘s price retested the $12.00 support area and is currently observing a recovery wave above the $13.50 and $15.00 resistance levels. What levels are crucial for a recovery in LINK?
Can LINK Price Recover?
Upon examining the 4-hour chart, a significant downtrend line is forming around the $13.50 mark for the LINK/USD pair, indicating potential struggles to surpass this level. However, if the price manages to break above the $15.00 resistance zone, a significant increase could occur.
The recent declines have caused Chainlink‘s price to retract significantly from above the $18.00 level. This pullback in LINK’s price could be linked to the entry of other major cryptocurrencies like Bitcoin and Ethereum into a short-term downtrend.
Currently, LINK’s price is attempting a recovery wave at the $12.00 support region. However, the price still trading below certain resistance levels is garnering investor attention and creating uncertainties about its future.
If LINK Faces Further Losses, Watch These Levels
As fluctuations continue in the cryptocurrency market, concerns about the future of LINK’s price are increasing. If Chainlink (LINK) cannot surpass the $13.50 resistance level, a new downtrend could begin.
The first downward support is currently near $12.80. However, if this support breaks, the price could fall to the $12.00 level. Further losses could potentially push LINK towards the $10.00 level in the near term.
Technical Indicators Point to a Troubling Picture
Technical indicators are not painting a very optimistic picture for LINK. The 4-hour MACD is gaining momentum in the bearish zone for LINK/USD, indicating increased selling pressure. Similarly, the 4-hour RSI (Relative Strength Index) is currently below the 50 level, suggesting downward momentum.
Key support levels for LINK are set at $12.80 and $12.00, while resistance levels are at $13.50 and $14.00.
