LINK Rejected A Crucial Resistance At $16, The Bulls Prepare For Defense

LINK rejected a crucial resistance after the turbulent price action in recent weeks when It even hit $20 before incurring a huge influx of selling pressure which led it to $12. The bulls are now preparing for defense as we are reading further in the latest chainlink news today.

Chainlink was on a downtrend when it struck major hit to the technical structure so LINK rejected a crucial level and flashed signs o weakness as it consolidated around $15. Analysts noted that it’s now trading between $14 and $16 crucial resistance levels and if one of these levels is broken first, It could be a factor that will determine the trends in the near term. One analyst believes that the upside is still going to happen for LINK but it will first drop to fresh lows before it is able to surge to the price target of $30.

Chainlink is trading down over 5% with a current price of $15. This marks a decline from its daily highs of more than $16 that was set when the bulls tried to shatter this resistance level. it is important to note that the rejection is stuck below the technical strength which had been mounting thanks to the rebound of the token from the lows of $12. Whether or not it can see a further upside it will depend on the reaction to the high time frame resistance of $16. The rejection here got a hit to the technical strength which had been mounting as a result of the token after the rebounding of $12. Whether or not it will see a further upside will depend on the reaction to the high timeframe resistance of $16.

One analyst even spoke about the key levels explaining that he believes it can see another upside as long as it holds above $14:

 “And the $16 rejected here. If LINK holds the $14-14.5 level for support, we might see another rally towards $17+.”

As long as Chainlink doesn’t crash further and invalidate the market structure, one analyst believes that the huge upside could be imminent. While speaking about it, the trader explained that he believes LINK could go below $12 before garnering more buying pressure that will send it up to $30:

 “I can see LINK coming back down to sweep what right now looks like the pivot for the bottom of this correction. It isn’t done yet. 30$ LINK coming to a computer screen near you.”