Chainlink (LINK) Flat Lines at $12–A Multi-Month Support Line

Chainlink (LINK) is stable, weaving above $12 as LINKUSDT consolidates. A close above $14.5 may accelerate the recovery, pushing prices towards $20 in the medium term.

Past Performance

It has been a challenging three months for Chainlink bulls as per the LINKUSDT candlestick arrangement in the daily chart. At spot rates, LINK has reversed all gains posted in H2 2021, shrinking 65 percent from 2021 peaks. Although bears appear to be in control, Chainlink has been flat-lining at around $12, tethering at near 2022 lows.

Chainlink Technical Analysis

 After deep retracements, sellers are still in control, pinning Chainlink prices at 2022 lows. The immediate support is at $12. While LINKUSDT consolidates horizontally, there must be a sharp close above the middle BB—the 20-day moving average—and $14.5, confirming gains of March 9 for possible bullish resumption. A close above $14.5 may trigger demand, lifting LINK towards $16 and later $19 as LINKUSDT bottoms up above critical liquidation levels. On the flip side, losses below $12 may see LINK plunge to new 2022 lows, continuing the intense selling pressure from mid-November 2021.

What to Expect of LINK?

Fundamentally, Chainlink plays a critical role in DeFi and blockchain gaming. However, after a strong performance from early 2020, the retracement in the crypto market didn’t spare Chainlink. $12 marks a vital level. If LINK bulls this level, prices may dump to December 2022 lows of $10.5.

   
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