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Amid today’s market correction, ChainLink (Link) has lost its recent profits and has returned to a critical level of support. Analysts suggest that monthly ranges above the current range can place cryptocurrencies at a 35% spike.
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ChainLink Retest Important Price Range
ChainLink has once again retested its $14 major support zone, 9.1% down in the last 24 hours. Cryptocurrency surged 15.7% from its low last Friday, hitting an 18-day high of $16 on Wednesday, instantly recovering 35% from this month’s low.
However, a recent market correction has halted most cryptocurrency momentum, returning Bitcoin (BTC) to immerse itself in the $83,700 mark and Ethereum (ETH) in a $1,860 support zone.
Today, Link fell from $15 to $14.07, losing all of its profits on Wednesday. Previously, analyst Ali Martinez noted that cryptocurrencies have been in ascending parallel channels since July 2023.
ChainLink hovered between the upper and lower boundaries of the pattern for half last year, surged to the upper trendlines of the channels with each retesting the lower zone.
Among recent price performance, cryptocurrencies have retested the lower limit of the channel, suggesting that bounces to the higher range could occur if they hold current price levels.
Meanwhile, Rekt Capital highlighted that it is testing a multi-month symmetric triangle pattern where tokens can determine the next move in cryptocurrency.
As analysts explained, Chainlink was integrated within the “macro triangle market structure” for most of 2024, before breaking out of the pattern during the November market rally.
During the breakout in the fourth quarter of 2024, cryptocurrency reached a two-year high of $30.9, but failed to hold this level in the next few weeks. As a result, the price of the link has returned to the Macro Triangle and has been on a downtrend for the past three months.
“The main goal of the link here is to retest the top of the pattern to ensure a successful post-split retest,” Rekt Capital elaborated, “This could be a volatile post-breaking retest.”
Links must maintain this level
Rekt Capital pointed out that historically ChainLink has deviated from the downside of this price range.
Nevertheless, cryptocurrency deviates from “but the actual candle body is in the form of a closure rather than a downside wick.”
Analysts also emphasize that, as in 2021, the link has traded for around $13-5-$15.5 within historical demand areas, testing this zone as support. Based on this, cryptocurrency must successfully hold this territory and “position itself for future rises.”
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Furthermore, retesting is key to regaining the top of the triangle market structure. Destroying and restoring that level will make it accurate for “successful post-destruction retest” and allow it to target a price of $19 in the future.
Analysts concluded that once the link closes one month above the top of the triangle, “positioning prices to ensure a successful retest despite the negative deviation.”
At the time of writing, ChainLink is trading at $14.09, a 6.9% decrease in monthly time frames.
Unsplash.com featured images, tradingView.com charts
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