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Chainlink flashes signs of weakness as price fluctuates around the $12.5 zone. Will LINK break or make?
Chainlink price action suggests weak bullish momentum in the last 24 hours, as of press time. The altcoin has recently broken below multiple BOS (Break of Structure) and CHoCH ( Change of Character) levels, flashing bearish signals.
According to the analyst, BlockchainBaller on CoinMarketCap, traders are eyeing the $13 EQH (Equal High) as a resistance zone for LINK to break. If the bears pull strongly, Chainlink could retest the $11-$10 support and demand zone.
Following LINK’s technical setup, one should watch for the coin’s open interest, long-short ratio, and trading volume at the $12.5 zone. If Chainlink’s bulls step in with high buying pressure, the coin could see strengthened bullish momentum and break past $13, attempting a rally in the mid-term.
