Chainlink Price Drops Below Key Levels With $14 Support in Focus
Chainlink's price is consolidating near $16.70 after a bearish breakdown, with critical support expected between $13 and $14.Summary
Chainlink (LINK) has experienced a bearish shift, confirmed by a Head and Shoulders breakdown on the daily chart, signaling a potential reversal after an extended rally. The price is currently trading around $16.70, struggling to reclaim key short-term indicators like the 9-day EMA near $18.25 and the 50-day SMA at $21.88, reinforcing downward pressure.
Analysts are focusing on a critical support zone between $13 and $14, where horizontal and ascending trendline supports converge within LINK's long-term ascending channel. This area is viewed as a potential accumulation zone for long-term traders, with one analyst suggesting a rebound from $14 could eventually target $50, provided support holds.
Currently, LINK is in a corrective phase, showing cautious sentiment and intraday consolidation between $16.60 and $16.70. A break below $16.30 could lead to lower support, while reclaiming $17.20 might renew short-term bullish momentum toward $18.00.
(Source：Brave New Coin)