Chainlink Price News: LINK Stages V-Shape Recovery After 14% Plunge

Chainlink’s LINK token has rebounded impressively after a significant correction of 14.4%. The recovery indicates strong market support at $13.58, with further gains influenced by Bitcoin’s performance. As technical indicators reflect continued strength, LINK shows potential for upward momentum if trading volumes remain supportive.

Chainlink’s native cryptocurrency, LINK, has recently showcased a notable price recovery following a steep decline of 14.4%. This setback saw the token plummet to around $13.58, yet it appears that strong buying interest emerged at these crucial support levels, prompting a rebound. The daily increment stands at a modest 1.4%, aligning LINK’s movement with other digital assets in the current market.

The situation remains dynamic; analysts notice a notable V-shaped recovery as LINK’s price gains traction. This uptick pattern indicates potential accumulation at the mentioned lower levels, with Bitcoin’s subsequent performance being an influential factor in LINK’s trajectory. A more extensive gauge of the overall crypto market, indicated by the CoinDesk 20 Index, reflected an upswing of 1.1% as well.

Upon a closer look at the technical indicators, LINK’s recent decline from $13.972 to $13.557 has set the stage for a significant rebound. High-volume support emerged at $13.582 during the recovery phase, further confirming the strength of this renewed interest. However, notable resistance levels were observed between $13.960 and $13.970, which likely intensified selling pressure that was evident during trading.

Around 10:00 UTC, LINK’s price action captured a decisive breakout, registering its highest volume for the period at 1,061,645 LINK tokens. Subsequently, a new trading range forming between $13.800 and $13.950 potentially suggests the uptrend might continue, provided trading volume remains robust enough. The strong buying activity at the support zones of $13.785 and $13.790 aligns well with the positive shift. Now, the $13.830-$13.840 segment has emerged as a new support level, possibly serving to sustain any upward momentum.

As with any market commentary, it’s worth noting that parts of this article were generated with AI assistance, alongside thorough editorial review to ensure accuracy and reliability. To explore more, you might refer to CoinDesk’s comprehensive AI policy which underscores our commitment to transparency and excellence in content production.

This analysis has been crafted by Krisztian Sandor, a reporter focused on U.S. markets, specialising in stablecoins and tokenisation, with educational credentials from NYU. He holds a portfolio including BTC, SOL, and ETH.