Technical Analysis (LINK/USDT – 1H Chart)
Chainlink is currently trading around 23.65 after failing to hold above the short-term support. Based on the chart structure:
The price is expected to extend its decline towards the green demand zone at 22.00 – 22.20, where buyers are likely to step in.
A stop loss is placed at 21.20, just below the lower boundary of this demand zone.
From there, a potential rebound is anticipated, targeting the red supply zone at 24.30 – 24.90, which has acted as a strong resistance area previously.
Outlook:
Bearish move towards support first, followed by a bullish correction into the highlighted resistance zone.