Chainlink LINK Tests Key Trendline Support as Bulls Defend Critical Levels
Chainlink (LINK) is retesting a major ascending support trendline that has guided its price action since mid-2023, though weakening momentum raises caution. The token currently hovers NEAR the lower boundary of this trendline, making it vulnerable to a potential breakdown. Key support zones at $12 and $11 are being closely monitored by traders.
LINK has declined 2.7% in the past 24 hours to $13.65 after rejecting the $14.03 resistance level. Profit-taking has intensified following its recent rally, though the $11-$12 area is seen by some analysts as a potential accumulation zone rather than a panic-selling threshold.
While longer-term charts suggest LINK may be forming a descending channel that could support a future recovery, the current price structure lacks confirmation of upside potential. Traders await either a successful defense of trendline support or a breakdown that could trigger deeper retracements.
