Chainlink [LINK] has recently experienced a significant decline, with the price testing a crucial resistance zone around $12.5. This level, which previously served as a key support, is now being retested as potential resistance. The lack of bullish conviction in the price action suggests a possible bearish continuation for LINK.
The failure to post a higher high after reaching near $16 is a clear indication of weakening market structure. Retesting the descending trendline at $12.5 without a convincing bounce further supports the bearish scenario for Chainlink.
On-chain data also paints a bleak picture for LINK’s price outlook. Net deposits for the altcoin on exchanges are slightly above their 7-day average, indicating heightened selling pressure. Typically, higher net deposits signify investors transferring funds from decentralized exchanges to centralized ones for selling purposes. This bearish technical outlook, combined with increased net deposits, strengthens the case for a bearish bias in LINK’s price movement.
Furthermore, liquidation heatmaps reveal a cluster of long liquidation levels near the $10 mark. Market makers tend to target these liquidity zones during uncertain market conditions, potentially leading to further downside pressure on LINK’s price. If the price falls towards $10 and triggers liquidations, it could set off a chain reaction resulting in a push towards $7.5, the previous high from Q4 2023.
In order to avoid deeper losses, it is crucial for LINK to maintain the $12.5 zone as support. With elevated exchange deposits and visible liquidation pools below, the path of least resistance for Chainlink appears to be towards the downside. Traders should closely monitor these key levels to gauge the future direction of LINK’s price movement. the perspective of a travel writer exploring the vibrant city of Barcelona, Spain.
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