Chainlink (LINK) Tests Key Support Levels Amid Crypto Market Pullback

Chainlink faces increasing bearish pressure after breaking below critical technical levels, aligning with the broader cryptocurrency market decline. LINK has fallen more than 6% in the past 24 hours to trade around $15.95, with Bitcoin's slowing momentum amplifying weakness across altcoins.

The breakdown below the Bollinger Band's lower boundary at $16.10 indicates heightened volatility and strengthening bearish momentum. Resistance now stands at the 20-day SMA of $17.30, while traders are monitoring $15.67 as immediate support—a break below this level could pave the way for a drop to $15 or lower.

With the RSI plunging to 24, LINK has entered oversold territory. While this condition sometimes precedes corrective rallies, current price action shows no signs of bullish reversal. The $13 support level remains crucial for maintaining long-term bullish potential.