Will Chainlink Price Hold the $13 Support Zone?

Can Chainlink Maintain Its Hold Above the $13 Support Level?

Chainlink price is under pressure as August begins, with LINK hovering below the crucial $13 support zone. Despite gaining over 30% in the past month, the token is now consolidating, unable to break through key resistance. This price action has left traders closely watching the $13 mark, which could decide the next market direction.

The broader cryptocurrency market has also shown weakness, contributing to LINK's sideways momentum. Bulls remain cautiously optimistic, expecting an upside breakout soon. Until then, the market remains on edge as Altcoin trades near a pivotal level that could determine short-term price action.

Chainlink Price Maintains Bullish Outlook Above $13 Support

Crypto analyst Ali has shared a bullish outlook for the Chainlink price, noting the asset’s continued strength above a key price level. According to Ali, as long as LINK remains above the $13 support zone, the market sentiment should remain positive.

Source: Ali chart, X

A price chart shared alongside the analysis shows Chainlink trading within an ascending channel. The chart highlights multiple levels of resistance and support, indicating a structured upward trajectory for LINK in recent months.

Despite minor pullbacks, the cryptocurrency has consistently respected the $13 mark. This suggests that buyers are stepping in at that level, defending it as a strong foundation. The analyst emphasized that holding above this zone keeps the bullish narrative intact

LINK Price Positioned for Major Breakout Rally

According to a crypto analyst, the Chainlink price is about to have a significant price breakout. Analysis of the charts indicates that LINK has remained in accumulation for a long period of time, and it is approaching an important resistance of $19.50. The breaking out above that level is confirmed and could possibly cause a boost to the price within a short period to the $42.00. It points to the potential 4x growth, indicating a significant growth period ahead.

Source: Tweet

Besides the technical forces, the analyst states that Chainlink is also being given a strategic position in successions by the White House. This compatibility further makes LINK interesting to look ahead. The present mood indicates a consolidation to expansion cycle, which has drawn the interest of traders to achieve considerable gains.

LINK Price Struggles Near $16 as Bearish Signals Persist

Chainlink price is encountering resistance near the $18 mark after a recent downtrend. At the time of writing, the Altcoin price is trading at $16.72, with a decrease of 5% over the past 24-hours.

Source: Tradingview

Technicals are turning bearish. The MACD still maintains a downward streak in the negative area, with signal line remaining above the MACD line. This is an indication of prolonged downward pressure.

In the meantime, the Relative Strength Index (RSI) is 33.27, which is near an oversold situation. This would be indicative of the possibility of short term bounce but long term recovery would require gaining more momentum.

Altcoin has already faced rejection at the level of $18.00 and is currently tested at the support area of $16.00, which is critical. A break below this point would lead to further sharing of losses. Should it stand up, the bulls can then make an attempt to spring back to $18.00.