Chainlink (LINK) Price Analysis: Key Support at $22.0 Could Decide Next Move

LINK is currently trading below the $23.0 mark while maintaining its uptrend on the macro timeframes. On the 1-day timeframe, the price has formed multiple consecutive red candles and recorded its first lower high in this sequence. This suggests a possible correction, supported by the bearish divergence highlighted in our previous analysis. Let’s review the latest LINK charts to see where the price could be headed in the coming days.

Key Takeaways

• LINK is facing resistance at $23.8 and losing short-term momentum.
• A lower high on the daily chart signals a possible correction ahead.
• Key support levels to watch are $22.0 and $20.0 if selling pressure increases.

Analyzing the LINK Charts

On the 1-day timeframe for LINK, the price is showing multiple red candles and has shifted momentum by forming a lower high. This signals a possible correction, especially with the $23.8 level now acting as resistance once again. If selling pressure continues, the next level to watch is the $22.0 mark.

A bearish divergence is also visible on the daily timeframe, as highlighted in our previous analysis. With this divergence in play and the price forming a lower high, LINK is showing early signs of a potential downtrend. If sellers gain momentum, the key support level to monitor for Chainlink will be the $20.0 zone.

Switching to the 4-hour timeframe, the setup looks quite similar. LINK is currently rejecting the resistance at $23.8 and moving toward the support at $22.0. A trendline resistance has also formed on the 4-hour chart, which the price will need to break to regain momentum. However, if LINK holds the $22.0 level firmly, short-term consolidation is likely, giving bulls the chance to gather strength for another push upward.

Final Takeaway: What is Next for Chainlink (LINK)?

LINK is currently losing momentum and facing resistance around the $23.8 level. While the broader trend remains upward, the formation of a lower high on the daily chart along with a bearish divergence signals the possibility of a correction. If the price fails to hold above $22.0 in the coming days, LINK may move lower to retest key support levels once again.