Chainlink Pressures Weekly Demand Zone With Analysts Eyeing Break or Bounce
Chainlink is testing a critical weekly demand zone, with analysts watching for a decisive move above $12.50 or a potential bounce.Summary
Chainlink (LINK) has returned to its weekly demand zone following a decline from the $22–$26 band, a level historically attracting buyer interest. Analysts like CryptoPulse are closely monitoring this zone for signs of accumulation, suggesting a bounce could lead to a push toward the $15–$17 range, which represents near-term resistance based on prior breakdown structures. On the daily chart, LINK remains under pressure below $12.50, with CRYPTOWZRD noting indecision in momentum and a descending trendline acting as dynamic resistance since October. The short-term direction hinges on holding the $12 support level and reclaiming $12.50; breaking the descending trendline could open the path to $16 resistance. Intraday trading showed reduced volume, with LINK hovering around $12.18, struggling to sustain above $12.50. A failure to hold the weekly demand zone could lead to testing lower liquidity pockets, while maintaining support suggests cautious optimism for a short-term upward move.
(Source：Brave New Coin)