Featured News Headlines
LINK Price- Bitcoin Volatility Hits Chainlink Recovery Hopes
LINK Price– Chainlink (LINK) saw a 2% price increase on June 16, sparking optimism for a larger 16% rally. However, this momentum quickly faded, as LINK dropped by 3% in the following 24 hours, reflecting weak follow-through from buyers.
Market Sentiment Tied to Bitcoin’s Volatility
The recent drop in LINK came in tandem with an uncertain Bitcoin (BTC) market. BTC’s price has been fluctuating in response to geopolitical news, especially developments in the Middle East. Analysts anticipate a bullish reaction from Bitcoin between $102K–$104K, while resistance between $108K–$110K may trigger bearish pressure in the coming week.
Chainlink Offers a Risk-Aware Entry Zone
Despite recent weakness, LINK presented a possible buying opportunity at the $13.2 mid-range support, which may act as a local price floor. Still, indicators such as the On-Balance Volume (OBV) and Relative Strength Index (RSI)remained bearish, pointing to continued seller dominance.
Traders should be prepared for a potential drop below $12.64.
Strong Supply Zones Threaten Further Upside
On-chain data from LINK’s In/Out of the Money metric highlighted $13.6–$13.9 as a nearby resistance zone with high selling pressure. Even if LINK rebounds from the $13 area, it would need significant buying volume to break past the next supply level at $14–$14.4.
Given the soft price action in June, a more likely outcome would be a retest of the $12.1 support, or potentially even a move down to the range low at $10.8.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
