HomeNewsIs Chainlink in Danger? Critical Support Level Looms Ahead

Is Chainlink in Danger? Critical Support Level Looms Ahead

- Advertisement -
  • Chainlink (LINK) faces a crucial test as it approaches a key support level of around $13.57, with potential to flip bearish if it fails to hold.
  • Bitcoin (BTC) could experience a significant retracement ahead of its April halving event, historically seeing drops of up to 40% pre-halving.

Critical Times for Chainlink and Bitcoin

The cryptocurrency market is on high alert as Chainlink (LINK), an Ethereum-based decentralized oracle network, faces a make-or-break moment, while Bitcoin braces for potential retracements ahead of its much-anticipated halving event.

Chainlink at a Crossroads

Crypto strategist Rekt Capital, followed by over 385,900 enthusiasts, has spotlighted Chainlink‘s precarious position. Chainlink, currently trading at $13.53, needs to maintain its support level around $13.57 to stay in an uptrend. Failing to do so could shift the trend to bearish, turning the current support into new resistance. This decisive moment could set the tone for Chainlink’s market trajectory in the upcoming weeks.

Bitcoin’s Pre-Halving Dynamics

The attention also turns to Bitcoin as it approaches its halving event in April, when miners’ rewards are halved. Historically, Bitcoin has experienced substantial retracements around its halving events. Rekt Capital points out that a drop of up to 40% is possible based on past patterns. The 42-day period leading up to the halving could see significant price fluctuations, typically followed by a rally.

The dynamics of Bitcoin’s retracement could vary. A deeper retracement in the coming weeks might lead to a shallower dip around the halving, while a milder initial drop could precede a steeper pre-halving retracement. In 2020, the pre-halving retrace was around 20%, influenced by a major crash preceding the halving. Bitcoin, currently trading at $46,804, has seen a near 4% increase in the last 24 hours, adding another layer of complexity to these predictions.

As Chainlink approaches a critical juncture, its ability to hold the key support level will be closely watched by investors and traders alike. Simultaneously, the crypto community is gearing up for potential market shifts in Bitcoin as the halving event nears. These developments highlight the ever-evolving and intricate nature of the cryptocurrency market, where strategic decisions and market sentiment play pivotal roles in shaping the future of these digital assets.

Disclaimer: ETHNews does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. ETHNews is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.
Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628