- Chainlink (LINK) has dropped to $14.1 amid a broader market selloff, closely following Bitcoin’s price decline.
- While LINK’s long-term prospects remain strong, its short-term movement depends on BTC’s stability, with $13 as the key support level to watch.
The cryptocurrency market is facing another sharp downturn, with Chainlink (LINK) leading the selloff among major altcoins. After showing promising growth in previous weeks, LINK has now dropped to $14.1, marking a 9.12% decline in just 24 hours. As traders and investors scramble for answers, many are wondering where the price floor for LINK truly lies.
Bitcoin’s Influence on LINK’s Price
Chainlink’s price movement has closely mirrored Bitcoin’s, which has also suffered losses following the release of the latest US Core PCE inflation data. With BTC dropping to a weekly low of $83,872.69—a 3.77% decline—market sentiment remains bearish. Notably, veteran trader Peter Brandt has warned that Bitcoin could fall as low as $70,000, a scenario that could drag LINK even lower.
Technical Indicators and Support Levels
Analyzing the LINK/USDT 4-hour chart, the price has now tested the lower Bollinger Band at $14.04. This indicates heightened volatility, making it a crucial moment for traders. The next key support level to watch is $13, as LINK has not fallen below this mark in the past 30 days. If the current bearish momentum continues, a break below this level could signal further downside potential.
Chainlink’s Strength Despite Market Downturn
Despite the short-term selloff, Chainlink remains a strong player in the blockchain industry. The Oracle network recently secured a major partnership in the UAE, reinforcing its long-term growth potential. Institutional adoption of Chainlink’s technology continues to grow, making it a valuable asset for the future.
For now, however, LINK’s fate remains tied to Bitcoin’s price movements. If BTC stabilizes or reverses its losses, LINK could see a swift recovery. Until then, traders are keeping a close eye on key support levels, with $13 acting as a crucial floor for the token.
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