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Struggling with Chainlink’s Price Below $15? Discover Key Levels to Monitor Now!
In the dynamic realm of cryptocurrency, Chainlink (LINK) has shown flashes of promise this year. Despite its potential, it has faced challenges in sustaining a robust bullish momentum. Recently, chainlink news revealed that after a promising surge to just under $16 in early June, LINK’s price plummeted to $11.2 by June 22. Fortunately, it has since rebounded, stabilizing above $13. As investors look to the future, identifying pivotal price levels becomes crucial.
In a notable update shared on social media platform X, crypto analyst Ali Martinez provided valuable insights into Chainlink’s market behavior. Highlighting a potential resistance near the $15 mark, Martinez’s analysis draws from the cost-basis of LINK holders. This technique assesses whether a price level might act as support or resistance, based on the concentration of purchases made by investors at these levels.
According to Martinez, a significant hurdle lies between $14.88 and $15.32, where approximately 10,440 addresses hold around 89.63 million LINK tokens. These tokens, purchased at an average of $15.12, represent a collective investment of about $1.36 billion. Should the price approach this range, the investors might opt to sell, aiming to break even, which could suppress further price increases.
On the support side, IntoTheBlock data suggests that Chainlink might find robust support between $12.87 and $13.26. Here, over 20,260 investors have acquired around 53.91 million LINK tokens at an average price of $13.05. If prices dip to these levels, these holders are likely to bolster the market by buying more, providing a safety net against further declines.
Currently, the LINK token trades at approximately $13.16, reflecting a near 4% decrease in the last 24 hours. For investors and traders, understanding these critical levels offers a strategic advantage in navigating the volatile crypto markets.
For more insights and updates on Chainlink and other cryptocurrencies, consider exploring additional resources and market analyses on platforms like Binance.
As the digital currency landscape continues to evolve, staying informed and responsive to market signals is paramount. Whether you’re a seasoned trader or a casual investor, keeping an eye on such crucial price thresholds can significantly influence your investment decisions and potentially safeguard your assets against unpredictable market movements.
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