Chainlink (LINK) is currently trading at $21.08 and fell by 3.11% over the past 24 hours. The trading volume is down by 26.57% and is currently standing at $711.01 million. In the past week, the LINK price has fallen by 13.38%, suggesting continued market weakness. Analysts are closely monitoring the key levels to determine the coin’s future trend.
Source: CoinMarketCap
Matthew Dixon, a crypto analyst, highlighted that following the rise in June, LINK met resistance around the $28-$30 level. It then retraced to $21. The price is currently trading in between $20 and $22. Accumulation is noted, though the coin is facing resistance in the mid-$20s range.
Success rates of LINK play a significant role in its future prospects. The first key support is at $20.3. Any further deterioration may cause a reduction to the extent of this level. The next support is at $17.5. In case of failure of that, further support at the level of $14.7 and $13 might come into play. Such areas would assist in curbing additional losses, yet LINK might be stuck in a period of consolidation against these levels.
The resistance is also a major factor in the price of LINK. It is challenging to reach the price range of $24-$25. In case cryptocurrency goes beyond this zone, the other strong resistance levels are in the ranges of $30 and $31. A breakout beyond $31 will take the token to the next major target of $37 and $38.
Source: X
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The Relative Strength Index (RSI) is between 30 and 40, which signifies oversold states. Historically, cryptocurrency has recovered these levels. Nonetheless, in case of continued poor market conditions, more such declines might be realized. The further movement of the token will rely on the ability to hold on to the major support or break under it.
The $20.32 level is important. It represents the 1.618 extension of the price wave of the token. As long as the token does not fall below this point, it can rebound and reach the range of $24 and $25. In case the price falls below $20, downside risks are high, and the targets are $17.5, $14.7, and $13.
According to CoinGlass data, the trading volume has fallen by 12.49 percent and has reached $1.37 billion. The open interest is also falling down by 2.64% to $1.25 billion. The LINK OI-weighted funding rate stands at 0.0096%.
Source: CoinGlass
Cryptocurrency is experiencing the pressure of price as it encounters critical support and resistance prices. The direction it is moving will be determined by its future ability to maintain these levels or exceed them. Investors should closely monitor the price of the token in the coming days.
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