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Home»Altcoins»Will Chainlink’s [LINK] Last re -test Flip support in resistance?
Altcoins

Will Chainlink’s [LINK] Last re -test Flip support in resistance?

2025-04-12No Comments3 Mins Read
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  • Link’s retest of his $ 12.5 breakout zone hinted on a possible bearish continuation
  • On-chain and liquidation data further supported downward potential for the $ 10 and $ 7.5 levels

After a week of consistent decline, Chainlink [LINK] has tested a key resistance zone around $ 12.5 – a level that previously acted as an important support. The price promotion of the Altcoin seemed to be a retest of the Breakout zone that could now turn over in resistance. In fact, it also referred to a lack of conviction on the bullish side.

However, Link can see a more important withdrawal if the bulls do not retain this critical price level. The wider market remains the recent retracement of decisive and chainlink (link) within expectations.

Source: TradingView

Moreover, the price has not succeeded in posting a higher high after peaks near $ 16.

Re -testing the falling trendline at around $ 12.5 without bouncing convincingly is a sign of a weakening structure.

Link’s Bearish Setup strengthened by data on chains

At the time of writing, data on-chains seemed to give little reassurance to Link’s Bulls.

According to Cryptoquant, the net deposits for the Altcoin on exchanges are just slightly above their 7-day average. That is usually a sign of increased sales pressure.

Higher net deposits generally represent investors who draw money from the decentralized exchanges and send them to centralized stock markets with a view to sale.

Although the increase did not exceed the borders, it coincides with a bearish technical prospect. This convergence can justify the bearish bias of link in the charts.

Source: Cryptuquant

Liquidation clusters point to a further decrease after $ 10

Finally, leverage traders can further influence the Praise process of Link.

See also  SubQuery extends support to IoTeX and provides comprehensive indexing solutions

Liquidation Heatmaps also revealed a cluster of long liquidation levels near the $ 10-mark. Market makers like to hunt these liquidity zones during periods of uncertainty.

Source: Coinglass

If a link goes to $ 10, causing liquidations to be activated, that sales pressure can activate a cascade of events. Then another push to $ 7.5 – the previous high of Q4 2023 – would probably be.

The $ 12.5 zone must retain to prevent deeper losses. With increased exchange deposits and visible liquidation pools below, the path of the least resistance is for the time being South.

Next: Popcat -eyes 3x Surge as whales invest $ 80 million, but what about spot traders?

Source link

Chainlinks flip LINK Resistance Support Test
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