Chainlink experienced a price rejection at a key resistance level this week, pressure was on its short-term momentum. 

The LINK chart shared by market analysts shows the asset failing to close above the $13.82 mark, a zone defined by the 0.618 Fibonacci retracement level. 

Crypto account CryptoChiefs posted a brief update on X (formerly Twitter), that described the move as a “+3% rejection,” and signaled the end of the recent upward push.

The rejection followed a modest rally from a local low at $10.92, where LINK price began a short-term recovery. This upward structure has so far failed to break above the resistance zone, now seen as the major obstacle to further gains.

Resistance Holding Firm Near 0.618 Fib Level

The Fibonacci retracement tool, applied from the $15.62 high to the $10.92 low, outlines the $13.828 level as the 0.618 zone. 

This area is often viewed by traders as a potential turning point in price action. LINK price reached this level over the past few sessions but failed to close above it. A shaded gray zone between approximately $13.70 and $13.82 now acts as supply resistance. 

The latest move up was met with selling pressure, leading to a drop of 3.88% over a three-day span. Unless price can reclaim and close above this level, the chart setup favors a continuation of the broader downward trend.

Support Levels and Price Structure

Support for LINK sits just below current levels. Immediate short-term support appears around $13.16, while the $12.00–$12.50 range could provide additional downside buffers. 

Source: X/CryptoChiefs

The long-term low of $10.92 remains intact and marks the base of the current range. LINK price action has developed into a corrective channel within a wider downtrend. As long as $13.82 holds as resistance, buyers may struggle to build momentum.

Read Also: Chainlink Holds $13 as Momentum Builds – Can LINK Price Hit $32?

Trend Direction and Market Setup

The price structure remains defined by lower highs and lower lows since mid-May. While the current recovery shows some strength, it lacks confirmation of a trend reversal. 

The projected move indicated by technical arrows suggests a possible decline if rejection at resistance continues.A daily close above $13.82 could shift sentiment and open the path toward higher retracement levels at $14.17 and $14.44. Until then, LINK price trades within a narrow range, testing the resolve of both buyers and sellers.

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The post LINK Price Faces 3.8% Drop After Rejection – Is $12 Next for LINK? appeared first on CaptainAltcoin.