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Chainlink price is consolidating near a crucial support level, drawing attention from traders and analysts. LINK price has followed a well-defined ascending channel, with historical movements showing rebounds off key trendlines.
Analysts highlight that Chainlink must hold this structure to maintain upward momentum. If the support remains intact, LINK price could advance toward $25 and possibly $50.
Chainlink Price Holds Critical Support at $13
Chainlink price is trading near $13, which aligns with the lower boundary of its ascending channel. This level has historically acted as strong support and prevented further declines.
Analyst Ali Martinez emphasizes that approximately 37,000 investors accumulated 153 million LINK tokens between $14.50 and $15.30. This resistance zone remains a key level to monitor.
More so, the analyst notes that if the LINK price holds at $13, buying activity could increase, potentially leading to a move toward the mid-range resistance at $25.
However, if Chainlink falls below this level, lower support zones near $10 or $8.50 may come into play. Investor sentiment and trading volume will play a significant role in determining LINK’s next move.
Key Resistance Levels for LINK Price
Notably, for Chainlink price to confirm bullish momentum, it must surpass the $25 resistance. This level serves as the midpoint of the ascending channel and has acted as both support and resistance in previous market cycles. A breakout above this level could indicate a shift in momentum.
Interestingly, the next major resistance level sits near $50, where previous price action showed strong seller activity.
Analyst Ali Martinez suggests that breaking above the resistance cluster at $14.50–$15.30 could clear the path for a stronger recovery. However, LINK price will need sustained buying pressure and increased trading volume to test higher levels.
Market Indicators and Volume Trends
The trading volume will be a crucial factor in determining the strength of any potential breakout. A rise in volume could confirm growing investor interest, while declining volume may indicate hesitation among traders.
The analyst notes that Open Interest has been declining, signaling trader caution. However, the rising volume could indicate renewed confidence in the LINK coin price movement.
The Relative Strength Index (RSI) is still a critical indicator to consider. If the RSI remains sideways, there might be further consolidation in LINK price.
So, if the RSI approaches the overbought state near approximately $50, such price levels may be deemed as resistance. Conversely, if the RSI goes into the oversold area, the price levels may be considered as support.
Bitcoin’s Influence on Chainlink Price
The overall market trends will drive LINK price action. Historically, Chainlink price has moved in conjunction with Bitcoin price.
Strength in Bitcoin may provide further support to the LINK price. A downward movement in Bitcoin price can put pressure on Chainlink and limit its chances of breaking major resistance levels.
The key for Chainlink price movement will be at the $13 support level as well as incidences of key resistance and volume.
According to the analyst, the prices above $15.30 could mean more gains, while failure to hold the specified support price could lead to hitting lower prices.
