๐ Market Pressure Rising: Can LINK Avoid a Breakdown?
The price action of Chainlink ($LINK) is flashing warning signs โ ๏ธ. After a prolonged consolidation, LINK broke its range to the downside, now hovering dangerously near the $12.5 supportโa critical zone that has historically triggered recoveries. But with persistent selling pressure, can LINK hold the line, or is a deeper correction on the horizon?
๐ Bearish Signals We Canโt Ignore:
๐ป Trading Below Key Moving Averages โ Struggling under the 100-day SMA, signaling a weakening structure.
๐ Volume Surge on Decline โ A 200% increase, pushing above $1B, highlights intense selling pressure.
๐ป Market Mood Shifting Bearish โ A failure to hold $12.5 could open the gates to $11.1 support.
๐ก Turning Point for Chainlink
Despite the bearish dominance, LINKโs strong fundamentals offer a glimmer of hope. If bulls defend $12.5 and attract fresh buying interest, a reversal could be in play. However, a breakdown here could lead to deeper losses before any significant recovery.
๐ฅ Key Levels to Watch:
โก Support: $12.5 (Critical line of defense)
โก Next Major Support: $11.1 (Bearish target if breakdown continues)
โก Bullish Recovery Zone: Above $13.2 (Needs reclaim to shift momentum)
๐ Will LINK hold the line or sink further? Drop your predictions below! โฌ๏ธ