Chainlink's LINK Stages V-Shape Recovery After 14% Plunge
Chainlink LINK, the oracle network that helps bridging blockchain networks with external data, experienced significant price volatility in recent trading, recovering from a sharp 14.4% correction after finding strong support at $13.58.
The recovery gained momentum through consecutive higher lows, potentially pointing to accumulation at lower levels. However, bitcoin's BTC performance will likely dictate the next major move for altcoins such as LINK.
LINK rose 1.4% over the past 24 hours in line with the price action of the broader digital asset market.
The crypto market benchmark CoinDesk 20 Index was up 1.1%.
Technical Indicators Point to Continued Strength:
- LINK experienced a sharp 14.4% correction from $13.972 to $13.557, followed by a strong recovery with high-volume support at $13.582.
- Notable resistance emerged at $13.960-13.970, where selling pressure intensified twice during the trading session.
- At 10:00 UTC, price action marked a decisive breakout with the highest volume of the period (1,061,645 LINK).
- A new trading range established between $13.800-13.950, indicating potential continuation of the uptrend if volume remains supportive.
- V-shaped recovery pattern formed with strong buying at the $13.785-13.790 support zone.
- The $13.830-13.840 range now establishes itself as a potential new support zone for continued upward movement.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.