Stablecoin

Chainlink

Reversal

<ul>
 <li>Chainlink (LINK) has entered a downward trend, with a 4.26% drop and breaking through support levels at $14.2 and $14.17, currently settling at $13.8.</li>
 <li>Despite recent declines, the LINK/USDT 4-hour chart hints at a potential bullish breakout from the current downward channel, targeting support between $12 and $13.</li>
 <li>The RSI is in a neutral to oversold condition, suggesting potential for accumulation at the $13 level, while the MACD remains below the signal line, indicating caution.</li>
</ul>
<p><a href="https://thenewscrypto.com/?s=chainlink" target="_blank" rel="noopener noreferrer nofollow">Chainlink</a> (LINK) opened the trading day in the red, reflecting a broader downtrend as it broke through several key support levels. The recent price action has pushed LINK down by 4.26%, moving past strong support points at $14.2 and $14.17, and it is currently stabilizing around $13.8.</p>
<h2 class="wp-block-heading" id="h-chainlink-market-sentiment-and-technical-analysis">Chainlink Market Sentiment and Technical Analysis</h2>
<p>Investors and bulls are closely monitoring the price as it seeks firmer support in the $12 to $13 range. The LINK/USDT 4-hour chart suggests that despite the downtrend, there could be room for a bullish reversal. The downward channel pattern and the potential trend reversal if the price finds a strong footing indicate this possibility.</p>
<p>We advise traders to closely monitor the $13 level, as any significant breakout, whether upward or downward, could trigger rapid price movements in that direction. For trend traders, entering between $12.08 and $13 with a vigilant approach to stop-loss settings after a confirmed breakout could be a strategic move.</p>
<h2 class="wp-block-heading" id="h-link-s-fundamentals-and-external-factors">LINK’s Fundamentals and External Factors</h2>
<p>Despite the volatile market conditions and a general downturn in crypto assets like Bitcoin, Chainlink’s fundamentals remain robust.</p>
<p>Recently, the Hong Kong Dollar Stablecoin (HKDR) selected Chainlink as its technological partner for development and management. Additionally, a report by Intotheblock highlighted a negative net flow of LINK from exchanges, suggesting signs of accumulation among holders.</p>
<p>This blend of technical setups and strong fundamental developments presents a mixed but cautiously optimistic outlook for Chainlink as it navigates current market challenges and opportunities for reversal.</p>

Chainlink Eyes Potential Reversal Amid Downward Pressure: What’s Next For LINK?

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