Chainlink Monthly Close To Determine LINK’s Fate – Here Are The Levels To Watch
Chainlink (LINK) has retraced 9.1% in 24 hours, falling to the $14 support zone after reaching an 18-day high of $16. The recent market correction affected many cryptocurrencies, including Bitcoin and Ethereum. LINK's price drop erased its Wednesday gains, with analysts noting it is retesting a crucial price level within an ascending parallel channel established since July 2023. The cryptocurrency is also testing a multi-month symmetrical triangle pattern, which could influence its next move. Historically, LINK has shown downside deviations in this price range, and it must hold the $13.5 to $15.5 area to position for potential upside. A successful monthly close above the triangle top could target the $19 resistance level in the future. Currently, LINK trades at $14.09, reflecting a 6.9% drop over the month.
