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November 1, 2023

Chainlink Price Faces Resistance at $12, Potential Support Zones Identified

Ethan Williams
Written byEthan WilliamsWriter
Researched byNikos PapadopoulosResearcher

The Chainlink coin recently broke through a resistance trendline, resulting in a significant rally. However, the LINK price is now facing a strong supply barrier at the $12 level, hindering further upward movement. This suggests that a bearish pullback may be imminent.

Chainlink Price Faces Resistance at $12, Potential Support Zones Identified

Overhead Selling Indicates Pullback

The LINK price has dropped by 5% today, signaling the start of a correction. Despite attempts to breach the $12 resistance point, buyers have been consistently rejected, leading to a series of rejection candles. This indicates that a short-term correction is likely to occur.

Potential Support Zones

Based on the Fibonacci retracement tool, potential support zones for the LINK price are identified at $10.5, $9.5, and $8.8. These levels could provide a foundation for a resurgence in bullish momentum.

LINK vs BTC Performance

When comparing the performance of Chainlink and Bitcoin over the past six months, Chainlink has shown stronger growth. While Bitcoin has experienced sideways movement, the LINK price recovery trend has been more assertive, making it an attractive option for momentum traders.

In conclusion, the Chainlink price is expected to experience a bearish pullback due to the supply barrier at $12. However, this correction could provide an opportunity for buyers to enter the market at lower prices. Traders should monitor the potential support zones for signs of a bullish resurgence.

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Ethan Williams
Ethan Williams
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Ethan Williams, a lively 24-year-old lad from the UK, brilliantly fuses his passion for online casinos with top-notch English localisation, creating bespoke casino guides for Britain's keen gaming lot.

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