NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink Reaches Critical Support as Analysts Forecast a Strong Rebound

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Chainlink

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Chainlink’s price action has been quite grim as of late, with it facing unusual inflows of selling pressure as investors begin jumping ship.

The mass exodus of capital away from the cryptocurrency has caused its price to decline from highs of $20.00 that were set just a matter of weeks ago, to lows of $7.80 tapped earlier today.

This is a significant decline and indicates that the previously bullish altcoin’s macro market structure is beginning to degrade.

It is important to note that LINK has seen parabolic advances and drawbacks similar to this one in the past, but it often takes it quite some time before it can resume its bull trend.

One trader does believe that the cryptocurrency is oversold at its current price level, offering a chart showing that Chainlink has now reached a critical support level that could be followed by some significant upside in the days and weeks ahead.

This comes as open interest for the token begins surging, suggesting that traders are betting on it seeing heightened volatility as its price approaches this crucial level.

Chainlink Sees Further Weakness as Sellers Continue Building Momentum

At the time of writing, Chainlink is trading down over 6% at its current price of $8.20. This marks a notable decline from daily highs of $9.00 that were set around this time yesterday.

The crypto has been facing relentless selling pressure ever since its price peaked at $20.00. The parabolic rally up to these highs was positive and led many analysts to anticipate further upside.

That being said, the selling pressure placed on the token once it broke into this price region was tremendous, and it has been sliding lower ever since.

One trend to consider in the near-term is the mounting open interest for Chainlink across carious futures platforms. This could indicate that a big move is brewing.

Chainlink LINK

Data and Chart Courtesy of Coinalyze.

Analyst: LINK May Soon Post a Strong Rebound as It Nears Critical Support 

While speaking about the cryptocurrency’s near-term outlook, one analyst explained that Chainlink might be nearing a crucial support level that could spark a bounce.

This support exists around $8.00, and his upside target seems to sit around $15.20.

“Chainlink – Very eager to take some spot longs on link at the only reasonable support it has left.”

Image Courtesy of Calmly. Chart via TradingView.

It appears that Chainlink’s current price action is somewhat detached from that of the aggregated crypto market. As such, where it trends next may not depend on Bitcoin and other major altcoins.

Featured image from Unsplash.
Charts from TradingView.
Tweet123Share196ShareSend
Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

XRP Price Moves Up

XRP Price Moves Up — Hurdles Ahead Could Limit Gains

XRP price started a decent upward move from the $2.150 zone. The price is now consolidating gains and might face...

Aayush Jindal 4 hours ago
Ethereum Price Stagnates as On-Chain Data Shows Whale Accumulation

Ethereum Price Stagnates as On-Chain Data Shows Whale Accumulation

Ethereum continues to exhibit limited upward price movement despite earlier gains last week. Over the past seven days, the asset...

Samuel Edyme 4 hours ago
Ethereum Price Pops Above $2,550

Ethereum Price Pops Above $2,550 — Can It Avoid a Quick Reversal?

Ethereum price started a fresh increase from the $2,375 zone. ETH is now back above $2,550 and struggling to clear...

Aayush Jindal 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum, ETH, Crypto

Ethereum Eyes Key Resistance As Price Reclaims $2,550 – Here Are The Levels To Watch

Rubmar Garcia 38 minutes ago

2020牛市模式7月升浪再現 分析師示警行情爆發BTCBULL成百倍幣首選!

Peter Chow 2 hours ago
Dogecoin (DOGE) Bounces Off Lows

Dogecoin (DOGE) Bounces Off Lows, But $0.180 Cap Remains A Challenge

Aayush Jindal 3 hours ago

Premium Sponsors

Press Releases

  • 1 най-добра криптовалута за купуване преди да поскъпне с 2200%, според Кати Ууд

    1 най-добра криптовалута за...

    1 hour ago
  • 1 Najlepšia kryptomena na kúpu predtým

    1 Najlepšia kryptomena na kúpu predtým, než vzrastie o...

    9 hours ago
  • O criptomonedă de top de cumpărat înainte să crească...

    10 hours ago
  • Szukasz najlepszych kryptowalut do zakupu w 2025 roku

    Szukasz najlepszych kryptowalut do zakupu w 2025 roku? Oto...

    11 hours ago
  • Best Crypto Payment Gateway for Trading in 2025

    14 hours ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.