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Chainlink [LINK] Price Prediction – Watch Out For a Defense of This Key Level!
The cryptocurrency market is always full of uncertainty and unpredictability. Today’s focus shifts to Chainlink, as it reaches a critical junction that will either see the price rise or fall in response to the key $12.25 level.
As we explore Chainlink’s current setup, it becomes clear that investors are torn between promising structural shifts and declining on-chain engagement. The market is still trying to make sense of recent events and their impact on LINK’s value.
The first thing that stands out is the price action itself. It seems like bulls managed to reclaim the daily trendline at around $12.25, which could be a sign of resilience. This level has been crucial in determining the direction of Chainlink [LINK] price prediction going forward.
Moreover, we can see that LINK reclaimed its daily trendline and even made some progress above it by trading at $12.67 as of now. It is essential for bulls to defend this level and make sure they don’t let bears take over control.
However, there are a few concerns that need to be addressed before jumping the gun. Despite the market’s recovery, there isn’t much excitement surrounding LINK’s recent performance. The reason might be the lack of support from on-chain signals. If not handled properly, this could have serious consequences for Chainlink [LINK] price prediction.
Another interesting aspect is that LINK is trying to break out and make a comeback after several losses. It appears to be regaining some strength with new partners like Pi Network announced recently. This event could contribute positively to the development of decentralized applications through real-time data integration, which might result in higher Chainlink [LINK] price prediction.
Additionally, we noticed that exchange reserve data revealed an unexpected 0.2% drop over the past day. If this trend is sustained and demand begins to rise, it could lead to higher prices in the long run.
In conclusion, Chainlink [LINK] price prediction will be influenced significantly by its ability to defend the $12.25 level. It seems like both bulls and bears are equally divided at the moment, with each side putting pressure on this crucial point.
Source: https://ambcrypto.com/chainlink-link-price-prediction-watch-out-for-a-defense-of-this-key-level
