Edge

Prospective

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Chainlink

Reversal

<ul> 
 <li>Chainlink approaches a critical support level at $12.24, drawing attention from traders anticipating a potential bullish reversal.</li> 
 <li>Bitcoin’s decline to $57,000 sparks bearish sentiments, threatening to drag the broader market down and potentially push LINK prices below <a href="https://cryptonewsland.com/the-10000-xrp-scenario-more-than-just-a-dream/">$10</a>.</li> 
 <li>Despite recent setbacks, LINK shows resilience with prospects of a breakout above $17.</li> 
</ul> 
As the volatile cryptocurrency market experiences turbulence, altcoins are facing significant downward pressure, with Chainlink (LINK) approaching a critical support level at $12.24.&nbsp; 
Sentiments in the market have turned bearish, exacerbated by Bitcoin’s plunge to $57,000, threatening to trigger a broader market downturn and potentially dragging LINK prices below $10. The recent downturn was compounded by news of Changpeng Zhao’s four-month jail sentence, which fueled market uncertainty and contributed to Chainlink’s substantial underperformance, culminating in a 31% decline in market capitalization for April. 
Chainlink’s price action exhibited a clear bearish reversal, failing to sustain momentum above key levels such as the $15 psychological mark and the 23.60% Fibonacci level. Presently, <a href="https://www.tradingview.com/symbols/LINKUSD/">LINK</a> is on the verge of testing the $12.24 support, with traders cautiously monitoring indicators for signs of a potential bullish turnaround. Notably, both the daily RSI and MACD are hinting at bullish divergence, suggesting a possible uptrend in the making. 
Despite the possibility of finding support at $12.24 and the 200-week EMA, prospects for a substantial bullish reversal remain limited. Should selling pressure persist, LINK could test the $8.87 support zone. Nevertheless, Chainlink has demonstrated resilience throughout the market recovery of 2024, boasting a market cap of $9.674 billion and currently ranking 13th in the crypto world, albeit still 67% below its all-time high. 
Looking ahead, a potential breakout above $17 could signal renewed bullish sentiment, with expectations of LINK surpassing $20 and potentially reaching new all-time highs of $60. 
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/chainlinks-potential-revolution-blackrocks-interest-and-bold-predictions/">Chainlink’s Potential Revolution: BlackRock’s Interest and Bold Predictions</a></li>
 <li><a href="https://cryptonewsland.com/chainlink-link-price-analysis-aug-week-4-to-sept-week-2/">ChainLink (LINK) Price Analysis Aug Week 4 to Sept Week 2</a></li>
 <li><a href="https://cryptonewsland.com/what-the-2-1-million-liquidation-in-chainlink-means-for-links-future/">What the $2.1 Million Liquidation in Chainlink Means for LINK’s Future</a></li>
 <li><a href="https://cryptonewsland.com/when-market-trends-favor-chainlink-predicting-its-next-big-move-towards-18/">When Market Trends Favor Chainlink: Predicting Its Next Big Move Towards $18</a></li>
 <li><a href="https://cryptonewsland.com/a-golden-month-for-chainlink-analyzing-links-prospective-rise/">A Golden Month for Chainlink? Analyzing LINK’s Prospective Rise</a></li>
</ul> 
The post <a href="https://cryptonewsland.com/traders-on-edge-as-chainlink-nears-12-24-support-bullish-reversal-imminent/">Traders on Edge as Chainlink Nears $12.24 Support: Bullish Reversal Imminent?</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.

Traders on Edge as Chainlink Nears $12.24 Support: Bullish Reversal Imminent?

Crypto News Land

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