Recent price movements of Chainlink present a sensitive bullish scenario with a prevailing bearish atmosphere and testing of critical support levels.

Despite the brief rise seen in June, Chainlink is stuck at significant resistance points, and on-chain indicators suggest a likelihood of further declines.

According to COINOTAG analyses, the $13.2 level stands out as a critical support. However, investors need to consider the risk of Chainlink's price dropping below $12.64 if Bitcoin's recovery efforts weaken.

As the Chainlink price oscillates between critical supports with bearish signals, the $13.2 support is key for potential uptrends.

Chainlink Bulls Struggle to Maintain the Rise

Price movements in June were characterized by volatility and limited upward momentum; this makes it difficult for bulls to maintain their rise. IntoTheBlock's In/Out of the Money (IOM) data shows significant excess supply in the range of $13.6 to $13.9; these areas create serious resistance levels. For Chainlink to break through these barriers and rise to the $14-$14.4 band, a strong buying wave is needed, but recent trends do not support this.

Technical analyses suggest that if the $13.2 support is broken, the price could decline to around $12.1 or even lower levels around $10.8. This scenario aligns with the bearish momentum seen in indicators like the Relative Strength Index (RSI) and On-Balance Volume (OBV), strengthening the sellers' position. It is important for investors to closely monitor these critical levels to be prepared for potential longer-term declines.

Exchange Flows and Accumulation Trends Reflect Cautious Optimism

Despite bearish signals, net flow data from exchanges presents a complex picture. According to IntoTheBlock's data, approximately 261,000 LINK was withdrawn from exchanges last week; this is worth about $3.44 million. This situation indicates that investors are accumulating LINK by withdrawing it from exchanges and signifies a long-term confidence.

In contrast, the net flow over the last 30 days shows an inflow of approximately 79,000 LINK to exchanges; indicating a realization of profits worth $1.04 million or preparation for sales. These opposing movements reflect the uncertainty in the markets and highlight that both price and exchange flows need to be monitored closely.

The Impact of Bitcoin on the Chainlink Market

Chainlink price movements are closely tied to Bitcoin's performance and are volatile due to geopolitical developments in the Middle East. A potential recovery of Bitcoin in the $102,000 - $104,000 range could provide positive momentum for LINK and help keep the price above critical supports. On the other hand, a decline in Bitcoin in the $108,000 - $110,000 band could increase selling pressure on Chainlink.

Considering Bitcoin's leading position in the crypto market, investors need to evaluate BTC price movements as an important indicator for LINK's short-term direction. Strengthening in Bitcoin could provide Chainlink bulls with an opportunity to take control.

Strategic Recommendations for Chainlink Investors

As Chainlink tests its critical supports, it will be beneficial for investors to act cautiously. The $13.2 support level offers a solid entry area along with a stop-loss point set around $12.64. If the price falls below this level, retesting the resistance area around $13 may create a short-term selling opportunity.

It is important for investors to evaluate changes in market sentiment by closely monitoring on-chain indicators and net flow data from exchanges. Using technical analysis alongside fundamental data will help make healthier decisions in the current uncertain environment.


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