Chainlink Price Retests Major Trendline as Momentum Weakens

Chainlink (LINK) price is currently retesting a significant ascending support trendline valid since mid-2023, with analysts noting increased sensitivity to a breakdown. Key horizontal support levels are identified at $12 and $11 if this trendline fails. Over the last 24 hours, LINK declined by 2.70%, failing to hold the $14.03 resistance and settling near $13.65 amid profit-taking. The market capitalization remains around $9.5 billion, placing it in the top twenty cryptocurrencies. Trading activity suggests a neutral, range-bound phase between $3.70 and $15.00, with no abnormal supply pressure. Technically, LINK is near oversold territory near $13.03, while the Bollinger mid-band at $15.55 serves as a reclaim target. The MACD is bearish but flattening, suggesting reduced bearish intensity, with a confirmed close above $15.55 being the earliest technical recovery signal.

(Source：Brave New Coin)