Chainlink (LINK) Price Faces Bearish Pressure Amid Market Volatility

• Chainlink (LINK) has experienced a 4.56% correction in the past day.
• LINK’s price broke through its critical support level of $13.275, indicating heightened selling pressure.
• The 50-day EMA acts as resistance, while the RSI shows a bullish rebound in the oversold range.

The cryptocurrency market has been experiencing heightened price volatility, and Chainlink (LINK) has not been immune to the immense bearish pressure. Within the past day, the LINK price has recorded a 4.56% correction, with a trading volume of $282.500, which represents a 4.78% increase during this period.

Furthermore, the Chainlink token has lost 7.01% over the last seven days and approximately 11% in the past 30 days. The altcoin’s year-to-date (YTD) return stands at -17.18%, emphasizing the strong bearish influence on its market performance.

Chainlink (LINK) Price Analysis: Potential Breakdown Looms

The LINK coin price recently breached its critical support level of $13.275, indicating an increase in selling pressure compared to buying pressure within the cryptocurrency space.

Additionally, the altcoin has formed a channel pattern in the 4-hour time frame and is currently on the verge of testing its support trendline. The outcome of this test is still unknown and could have a significant impact on LINK’s future price action.

If market sentiment shifts and bulls manage to push the price above the resistance level of $13.275, they may regain momentum and prepare to test the resistance trendline in the near future. If the bulls successfully hold the price at that level, the LINK price could potentially target its upper resistance level of $15.050 within this month.

Conversely, if the bears continue to dominate the cryptocurrency market, the Chainlink price may experience a significant decline. In this scenario, LINK could plunge towards its crucial support level of $11.775 by breaking down its support trendline in the upcoming period.