Altcoins News
By Julie Binoche
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$12.5 Support Flips to Resistance. The $12.5 price level had previously served as a significant support zone for Chainlink.
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Weak On-Chain Signals Confirm Bearish Bias. Chainlink's on-chain data appears to support the technical indicators flashing red.
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Liquidation Zones Signal Drop Toward $10. Liquidation heatmap data from CoinGlass has revealed clusters of long positions sitting near the…
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Bulls Need to Reclaim $12.5 Quickly. With key indicators pointing south, the pressure is now on the bulls to reclaim the $12.
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Conclusion. Chainlink is at a critical juncture. The failure to hold the $12.
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Chainlink (LINK) is facing increased downside pressure after failing to hold its crucial support zone at $12.5.
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After a short-lived rally toward $16 earlier this month, LINK has reversed direction and steadily lost ground. The inability to maintain higher highs or reclaim the $12.
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The $12.5 price level had previously served as a significant support zone for Chainlink. However, after a sharp retracement over the past week, LINK is now struggling to break…
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The recent rejection at this level also coincides with LINK retesting a descending trendline.
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Chainlink's on-chain data appears to support the technical indicators flashing red. According to analytics platform CryptoQuant, LINK's net exchange deposits have risen slightly…
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Typically, a rise in net deposits suggests that investors are moving their tokens from wallets and decentralized platforms to centralized exchanges—often a precursor to sell-offs.
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Additionally, the broader crypto market has shown signs of hesitation in recent days, failing to build on previous gains.
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If LINK continues to slide and approaches $10, the forced closure of leveraged positions could result in a sharp increase in sell pressure.
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Such a scenario would represent a significant reversal from the recent highs and could test the resilience of long-term holders.
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With key indicators pointing south, the pressure is now on the bulls to reclaim the $12.5 level and reestablish it as support.
The Currency Analytics
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