2025-6-1 15:00 |
Chainlink has seen around a 25% dip since mid-May and things could be about to get worse as price nears a key support level. LINK price is currently trading around $14, but the chart suggests that a further drop is possible if the current trend does not hold.
According to an analysis by Ali (@ali_charts), Chainlink is approaching the lower boundary of a parallel ascending channel. This support lies close to $12.30, and it has historically served as a strong bounce point for LINK price. However, if this level fails to hold this time, the consequences could be severe.
LINK Price Risks Crashing to $8Ali points out that if LINK breaks below the $12.30 support zone, the next possible destination could be $8. Looking at the chart, the price is clearly moving within a large upward channel, with repeated touches at both the upper and lower boundaries. This structure outlines potential zones of resistance and support.
@ali_charts / XRight now, LINK is hovering just above that critical $12.30 support line. If sellers push the price below this line, it would signal a break of structure and a likely acceleration downward toward the next horizontal Fibonacci level around $8. This would mark a roughly 43% drop from the current price of $14.
The Fibonacci levels on the chart also show this $8 zone aligning with the 0.236 retracement, adding more technical weight to this target.
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Chainlink Price Must Hold the LineChainlink price action remains in a tight spot. A bounce here could return it to higher levels in the channel, potentially back toward $17 or more. But a failure to hold $12.30 opens the door for aggressive downside.
In summary, traders watching LINK should pay close attention to the $12.30 mark. Holding that line could protect Chainlink price from steep losses. Losing it, however, could drag the LINK price down by more than 40%.
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The post Chainlink (LINK) Could Face Another Double-Digit Dip If This Key Support Breaks appeared first on CaptainAltcoin.
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