โก๏ธ Current Price: $13.58
โก๏ธ 24H Change: -3.55%
โก๏ธ Key Resistance: $15
โก๏ธ Key Support: $13
๐ช๐ต๐ฎ๐โ๐ ๐๐ฎ๐ฝ๐ฝ๐ฒ๐ป๐ถ๐ป๐ด?
Chainlink (LINK) is stuck in a tight range between $13 and $15, facing a critical resistance at the $15 level. This means the price keeps getting pushed down every time it nears $15, as sellers dominate at that level.
If LINK breaks above this level with strong momentum, it could signal a bullish breakout (when the price moves higher after struggling against resistance), potentially pushing it toward $17.50 or more.
๐ฅ๐ฒ๐ฐ๐ฒ๐ป๐ ๐ฉ๐ผ๐น๐ฎ๐๐ถ๐น๐ถ๐๐ & ๐๐ถ๐พ๐๐ถ๐ฑ๐ฎ๐๐ถ๐ผ๐ป๐
LINKโs recent price swings have caused liquidations (forced selling of leveraged positions):
April 7: LINK dropped below $13, triggering $4.39M in long liquidations (bullish traders betting on the price going up got liquidated).
April 8: Quick rebound caused short liquidations (bearish traders betting on price drops were forced to buy back in).
April 30: A fresh $2.2M long liquidation occurred as LINK dipped again.
These events show a shaky sentiment in the market, where traders on both sides are getting caught off-guard.
๐ข๐ป-๐๐ต๐ฎ๐ถ๐ป ๐๐ฐ๐๐ถ๐๐ถ๐๐ & ๐ช๐ต๐ฎ๐น๐ฒ ๐ ๐ผ๐๐ฒ๐
In early May, whale activity (large investors making big transfers) dropped:
April 28: $98.64M in large transfers
May 3: Down to $21.12M
This suggests whales are waiting on the sidelines, possibly due to uncertainty.
Meanwhile, trading volume rose 23.85%, even as price declinedโhinting at either accumulation (buying at a discount) or exit strategies by bigger players.
๐ง๐ฒ๐ฐ๐ต๐ป๐ถ๐ฐ๐ฎ๐น ๐ฆ๐ฐ๐ฒ๐ป๐ฎ๐ฟ๐ถ๐ผ: Next Moves to Watch
$15 = Breakout Zone: If LINK breaks and holds above $15, the next target could be $17.50.
$13 = Support Zone: A drop below could send LINK toward $10.50, which aligns with the 2023 low and 0% Fibonacci level (used to spot support/resistance zones).
Current market structure still shows lower highs and lower lows, a bearish pattern.
[Fibonacci retracement = A technical tool that identifies potential support/resistance based on historical price moves.]
๐ง๐ต๐ฒ ๐๐ถ๐ด ๐ฃ๐ถ๐ฐ๐๐๐ฟ๐ฒ
Chainlink is in consolidationโa period where price moves sideways within a range. Whether it breaks above $15 or falls below $13 will determine the next big move.
Until then, traders should watch for:
Breakout confirmation above $15
Continued whale inactivity or renewed interest
Liquidation spikes as signs of sentiment shifts