Chainlink Holds $18.76 Support — Traders Watch $19.22 Resistance for Next Major Move
- Chainlink remains at $18.76, near the support of $18.28 following a weekly decline of 14.9%.
- $19.22 resistance remains the near-term level of breakout and relative strength is better versus BTC and ETH.
- Chainlink (LINK) is holding firm above a key support level, showing steady resilience despite the recent weakness across the altcoin market.
Chainlink (LINK) continues to be holding above an important technical support level, absorbing recent altcoin weakness. LINK trades currently at $18.76, down 14.9% over the past week. Despite the near-term weakness, the asset remains in close proximity to its long-term downtrend line, a position that has served as a pivot point historically to spur on more extreme market reactions.
Market players are closely monitoring the current structure, as the $18.28 support level has repetitively taken in sell pressure during previous sessions. The region is the near-term level of defense for bulls attempting to maintain momentum. A breakdown below this level on a sustained basis would signal further weakness, with a bounce potentially firming up attempts at a comeback.
LINK Price Consolidates Between Key Levels
The current 24-hour range positions Chainlink at levels of $18.28 and $19.22, which are the immediate support and resistance levels. The upper range remains the investors’ point of reference for expected breakouts.
On the cross-asset side, LINK is trading at 0.0001670 BTC, up 1.0% against Bitcoin, and 0.004549 ETH, a 1.9% gain against Ethereum. These are minor relative gains against major assets as the overall market stays weak. The current consolidation shows reduced volatility as traders await the next move.
Market Structure Hints at Potential Accumulation Phase
The multi-year chart indicates that LINK is beneath a declining resistance trendline which has been dominating price action since 2021. However, the recent bounce around the base structure indicates that accumulation is ongoing.
This technical configuration has a tendency to be followed by a test of higher levels if buying pressure increases in future sessions. Besides, the overall market conditions remain suggestive of guarded optimism. Altcoins are trading at levels of significance, and the total altcoin market cap oscillates at around $1.5 trillion.
