LINK Rejected Again, Is $14 the Start of a Bigger Drop?

Key Insights:

• LINK trades below $14 after a sharp rejection, leaving sellers watching for further downside continuation soon.
• Daily trend stays weak as Bitcoin pressure weighs on LINK, keeping resistance levels in control for now.
• $13.50 support remains critical, with a drop below this zone opening room toward lower price targets.

Chainlink (LINK) was trading at $13.47 after falling 4.7% in the past 24 hours and 5.8% over the last week. The drop comes after a clear double-top pattern formed near $14.80 on the 1-hour chart. Price broke below the neckline and returned to the $13.50 support zone, where it is now consolidating.

This area was previously a demand zone. The $14.00 level, once supported, is now acting as resistance. 

FOUR | Crypto Spaces posted, 

“A retest of the $14.0 resistance zone could trigger continuation to the downside if sellers hold control.” 

The price has yet to reclaim this level, and another rejection could bring further selling toward $13.00 or below.

Selling Pressure Tied to Bitcoin’s Move

The daily chart shows LINK under pressure, closely following Bitcoin’s recent decline after the U.S. FOMC decision. The market reaction led to a wave of selling across risk assets. LINK followed that move, closing slightly lower on the day.

CryptoWZRD commented, 

However, LINK is still trading below a descending trendline that has held since September. Until the price breaks and holds above $16.00, the trend remains to the downside.

Key Levels to Watch for Short-Term Moves

Short-term support at $13.50 is holding for now. A bounce from this level could lead to a move back to $15.20, but only if buyers step in. If the price drops below $13.50, the setup weakens, and the next areas to watch are $13.00 and $12.00.

The CryptoWZRD outlook notes that “holding below $13.50 is weak territory.” The current setup lacks a clear direction. Traders are watching for confirmation either way. For now, momentum remains neutral to bearish unless a breakout takes place.

Market Waiting for Confirmation

Price was caught between two key levels—$13.50 and $14.00. The reaction at $14.00 will decide the next move. If sellers defend this level again, the path to lower prices stays in place. If buyers push through, LINK could retest $16.00.

The daily structure remains in a downtrend. Until a break above the descending trendline, the bias stays on the lower side. Traders continue to watch lower time frames for opportunities, while the broader chart shows no strong reversal yet.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.