- LINK Slips to 13.36 on High Volume – Anyway, highest volume activity is not enough because resistant traders still restart prices after a peak.
- Chainlink is awaiting a Breakout? Analysts look out at a potential pattern of 5 microwaves to indicate the next step.
Chainlink (LINK) is trading at $13.36 after recording a 2.32% decline in the last 24 hours. part of this even though the volume of trading increased immensely by almost 87 percent to stand at 469 million. Its market capitalization is presently $8.77 billion, whereas its fully diluted valuation (FDV) is estimated at 13.37 billion dollars. The circulating supply of LINK taken as a whole amounts to nearly 657.09 million tokens against the total supply of 1 billion.
Source: CoinMarketcap
The high around the day was at the level of 13.6822 dollars but the selling appeared steadily. The fall, though the volume was high, indicates the risk of traders taking wire or responding to the levels of resistance. This is not a rare occurrence in the short-term market moves when there is an approach to technical levels or prices are not able to carry-forward the action.
Tech Charts Pattern and Wave Forecasts
According to recent analysis using Elliott Wave Theory, there should be a set possibility of a further upward price movement in the price but this is subject to the confirmation of particular structure patterns. The diagram shows a speculative impulse impulse, some traders feel that this is an early suggestion that there might be trend reversal. Nevertheless, the pattern that would build a definite bullish confirmation is yet to be established.
A yellow pathway drawn on the analysis chart depicts a possible five-wave structure. This is a standard feature in Elliott Wave Theory when identifying early phases of a bullish trend. The analyst has stated that a micro five-wave pattern must form to validate further upside momentum. Until that pattern is observed, caution remains advised.
Support Zones and Fibonacci Levels
The technical chart includes key Fibonacci retracement and extension levels, offering insights into potential support and resistance zones. A highlighted support area shows where the price may stabilize before another attempt at upward movement. These levels are commonly used by traders to assess retracement possibilities following a price swing.
LINK holds within the defined support zone and completes the expected wave formation; it could provide the technical structure needed for buyers to re-enter. Without that confirmation, however, price action may remain within a consolidation range or continue to face downward pressure.
Disclaimer: The information in this press release is for informational purposes only and should not be considered financial, investment, or legal advice. Coin Crypto News does not guarantee the accuracy or reliability of the content. Readers should conduct their own research before making any decisions.
