- Chainlink (LINK) is trading near critical levels, with mixed signals hinting at potential breakout or breakdown.
- A move above $12.50 could trigger a rally to $16, while failure to hold support may see LINK drop to $9.50 or lower.
- LINK’s direction remains uncertain, with Bitcoin’s performance likely to determine its short-term price action.
Chainlink (LINK) is trading near major levels, but the market is sending mixed signals about its next potential direction. As per the latest analysis by Crypto WZRD, LINK closed with some positive momentum, being in the green, however, the analysis also suggests indecisive trading. LINK’s movement is following Bitcoin almost to the tee, reinforcing the feeling of doubt.
A possible downside toward $9.50 or even $7.30 if it cannot hold support around the $10 level. The Chainlink could then slide even lower in the near term if this bearish scenario plays out as the bears break LINK down cause a break below current support levels.
Chainlink Bullish Breakout Potential
From the bullish side, if LINK could find support and make a breakout over the $12.50 resistance mark, it will be looking at the $16 mark. A split above $12.50 and a nice volume would suggest a broader rally to the $19 and $22.50 levels. But this scenario is very based on price action of Bitcoin and the conditions of the broader market.
Traders should watch out for LINK’s intraday charts as the price would signal more precisely in the coming days, the analyst said. Currently, Chainlink price action continues to find itself caught between important support and resistance areas, which is an important time for investors and traders.
At press time, Chainlink is trading at $11.01, up 3.02% in 24 hours. However, broader trend is uncertain, and the most recent uptick indicates some positive momentum over a shorter period.
Source: TradingView
LINK at Key Turning Point
After the sharp rise over the last week, LINK declined 2.41% over the latest week, showing volatility in the market. The volume of LINK has continued to see active trading with a 24 hour trading volume of $209.42 million, but traders are still waiting for a more decisive move that could show what’s next for Chainlink.
LINK is at a make or break moment with the bullish and bearish outcome of the cryptocurrency hinging on its reaction to major levels. Traders should pay attention for a breakout above $12.50 as a bearish rally or the breakdown to $9.50 if the bearish sentiment persists. The coming days could be make or break for the token’s direction and will be a crucial time to keep an eye on for those tracking Chainlink.
