Key Insights
- •LINK trades below $14 after a sharp rejection, leaving sellers watching for further downside continuation soon.
- •Daily trend stays weak as Bitcoin pressure weighs on LINK, keeping resistance levels in control for now.
- •$13.50 support remains critical, with a drop below this zone opening room toward lower price targets.
Chainlink (LINK) was trading at $13.47 after falling 4.7% in the past 24 hours and 5.8% over the last week. The drop comes after a clear double-top pattern formed near $14.80 on the 1-hour chart. Price broke below the neckline and returned to the $13.50 support zone, where it is now consolidating.
This area was previously a demand zone. The $14.00 level, once supported, is now acting as resistance.
FOUR | Crypto Spaces posted,
A retest of the $14.0 resistance zone could trigger continuation to the downside if sellers hold control.
The price has yet to reclaim this level, and another rejection could bring further selling toward $13.00 or below.
Selling Pressure Tied to Bitcoin's Move
The daily chart shows LINK under pressure, closely following Bitcoin's recent decline after the U.S. FOMC decision. The market reaction led to a wave of selling across risk assets. LINK followed that move, closing slightly lower on the day.
CryptoWZRD commented,
“$LINK closed slightly bearish. The current weakness stems from Bitcoin's selling pressure after the US FOMC event.”
However, LINK is still trading below a descending trendline that has held since September. Until the price breaks and holds above $16.00, the trend remains to the downside.
Key Levels to Watch for Short-Term Moves
Short-term support at $13.50 is holding for now. A bounce from this level could lead to a move back to $15.20, but only if buyers step in. If the price drops below $13.50, the setup weakens, and the next areas to watch are $13.00 and $12.00.
The CryptoWZRD outlook notes that holding below $13.50 is weak territory. The current setup lacks a clear direction. Traders are watching for confirmation either way. For now, momentum remains neutral to bearish unless a breakout takes place.
Market Waiting for Confirmation
Price was caught between two key levels—$13.50 and $14.00. The reaction at $14.00 will decide the next move. If sellers defend this level again, the path to lower prices stays in place. If buyers push through, LINK could retest $16.00.
The daily structure remains in a downtrend. Until a break above the descending trendline, the bias stays on the lower side. Traders continue to watch lower time frames for opportunities, while the broader chart shows no strong reversal yet.