Chainlink LINK, the oracle network facilitating integration between blockchain networks and external data, has encountered notable price fluctuations in recent trading sessions. Following a sharp 14.4% correction, LINK found solid support at $13.58 and managed to recover, displaying signs of resilience.
The recovery trend has gained traction through a series of consecutive higher lows, suggesting accumulation at these lower price levels. However, the performance of Bitcoin (BTC) is anticipated to play a crucial role in shaping the next major moves for altcoins like LINK.
As of the latest insights, LINK has increased by 1.4% over the past 24 hours, aligning with the broader digital asset market’s positive price action. The crypto market benchmark, CoinDesk 20 Index, is also reflecting a modest uptick of 1.1%.
Technical Indicators Point to Continued Strength:
- LINK experienced a significant 14.4% correction from $13.972 to $13.557, and has since rebounded with substantial volume support at $13.582.
- Resistance has emerged in the $13.960-13.970 range, where selling pressure has intensified during two separate trading sessions.
- At 10:00 UTC, a decisive breakout occurred with the highest volume recorded during the period, totaling 1,061,645 LINK traded.
- A new trading range has been established between $13.800-$13.950, suggesting the possibility of continuing the uptrend if trading volume remains supportive.
- A V-shaped recovery pattern has formed, characterized by robust buying activity at the $13.785-$13.790 support zone.
- Furthermore, the $13.830-$13.840 range is beginning to solidify as a new potential support zone, which could facilitate further upward movement.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
