{"id":3761,"date":"2025-03-29T06:00:22","date_gmt":"2025-03-29T06:00:22","guid":{"rendered":"https:\/\/ad-doge.com\/blog\/chainlink-monthly-close-to-determine-links-fate-here-are-the-levels-to-watch\/"},"modified":"2025-03-29T06:00:22","modified_gmt":"2025-03-29T06:00:22","slug":"chainlink-monthly-close-to-determine-links-fate-here-are-the-levels-to-watch","status":"publish","type":"post","link":"https:\/\/ad-doge.com\/blog\/chainlink-monthly-close-to-determine-links-fate-here-are-the-levels-to-watch\/","title":{"rendered":"Chainlink Monthly Close To Determine LINK\u2019s Fate \u2013 Here Are The Levels To Watch"},"content":{"rendered":"

Amid today\u2019s market correction, Chainlink (LINK) has lost its recent gains, falling back to a crucial support level. An analyst suggests a monthly close above its current range could position the cryptocurrency for a 35% surge.<\/p>\n

Chainlink Retest Crucial Price Zone<\/h2>\n

Chainlink has retraced 9.1% in the past 24 hours to retest the key $14 support zone again. The cryptocurrency surged 15.7% from last Friday\u2019s lows to hit an 18-day high of $16 on Wednesday, momentarily recovering 35% from this month\u2019s low.<\/p>\n

However, the recent market correction halted the momentum of most cryptocurrencies, with Bitcoin (BTC) falling back to the $83,700 mark and Ethereum (ETH) dipping to the $1,860 support zone.<\/p>\n

Today, LINK dropped from $15 to $14.07, losing all its Wednesday gains. Previously, analyst Ali Martinez noted that the cryptocurrency has been in an ascending parallel channel since July 2023.<\/p>\n

Chainlink has hovered\u00a0between the pattern\u2019s upper and lower boundary for the last year and a half, surging to the channel\u2019s upper trendline every time it retested the lower zone before dropping back.<\/p>\n

Amid its recent price performance, the cryptocurrency is retesting the channel\u2019s lower boundary, suggesting a bounce to the upper range could come if it holds its current price levels.<\/p>\n

Meanwhile, Rekt Capital highlighted<\/a> that the token is testing its multi-month symmetrical triangle pattern, which could determine the cryptocurrency\u2019s next move.<\/p>\n

As the analyst explained, Chainlink consolidated inside a \u201cMacro Triangular market structure\u201d for most of 2024 before breaking out of the pattern during the November market rally.<\/p>\n

\"Chainlink\"<\/p>\n

During the Q4 2024 breakout, the cryptocurrency hit a two-year high of $30.9 but failed to hold this level in the following weeks. As a result, it has been in a downtrend for the past three months, with LINK\u2019s price falling back into the Macro Triangle.<\/p>\n

\u201cThe main goal for LINK here is to retest the top of the pattern to secure a successful post-breakout retest,\u201d Rekt Capital detailed, adding, \u201cIt’s possible this is a volatile post-breakout retest.”<\/p>\n

LINK Needs To Hold This Level<\/h2>\n

Rekt Capital pointed out that, historically, Chainlink has had downside deviations into this price range: \u201cBack in mid-2021, LINK produced a downside deviation into this price area in the form of multiple Monthly downside wicks.\u201d<\/p>\n

Nonetheless, the cryptocurrency is downside deviating \u201cbut in the form of actual candle-bodies closes rather than downside wicks\u201d this time.<\/p>\n

The analyst also highlighted that, like in 2021, LINK is trading within a historical demand area, at around $13-5 and $15.5, testing this zone as support. Based on this, the cryptocurrency must successfully hold this area to \u201cposition itself for upside going forward.\u201d<\/p>\n

Moreover, the retest is key for reclaiming the top of its triangular market structure. Breaking and recovering that level would \u201cexact a successful post-breakout retest\u201d and enable the price to target the $19 resistance in the future.<\/p>\n

The analyst concluded that if LINK closes the month above the triangle top, it \u201cwould position price for a successful retest, despite the downside deviation.\u201d<\/p>\n

As of this writing, Chainlink trades at $14.09, a 6.9% drop in the monthly timeframe.<\/p>\n

\"chainlink,<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid today\u2019s market correction, Chainlink (LINK) has lost its recent gains, falling back to a crucial support level. An analyst suggests a monthly close above its current range could position the cryptocurrency for a 35% surge. Chainlink Retest Crucial Price Zone Chainlink has retraced 9.1% in the past 24 hours to retest the key $14…<\/p>\n","protected":false},"author":1,"featured_media":3762,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[22,32,40,42,52,266,1219,608,267,55,71,403,89],"class_list":["post-3761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-news","tag-bitcoin","tag-btc","tag-chainlink","tag-chainlink-breakout","tag-crypto-analyst","tag-crypto-investor","tag-crypto-market-correction","tag-crypto-market-recovery","tag-crypto-trader","tag-cryptocurrency-market-news","tag-ethereum","tag-link","tag-linkusdt"],"_links":{"self":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/3761","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/comments?post=3761"}],"version-history":[{"count":0,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/posts\/3761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media\/3762"}],"wp:attachment":[{"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/media?parent=3761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/categories?post=3761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ad-doge.com\/blog\/wp-json\/wp\/v2\/tags?post=3761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}