Crypto Express

07/09 07:27

Will Chainlink drop 17% amid tariff tensions?

The recent tariff tension coincided with Chainlink’s price struggles, further weakening investor sentiment.

Chainlink’s on-chain data reveals that traders are leaning heavily on the short side.

If LINK breaks below $12.70, it could face a potential 17% decline.

Escalating tariff tensions have put Chainlink [LINK] over the edge. The asset has struggled to gain momentum over the past week, and traders’ recent bearish outlook keeps things unfavorable for LINK.

If market sentiment remains unchanged and the price drops below the $12.70 level, a potential 17% decline could follow.

On the other hand, if sentiment shifts and the price breaks above this prolonged resistance and closes a daily candle above the trendline, it could open the path for a strong upside rally.

At press time, LINK is trading below the 200-day Exponential Moving Average (EMA) on the daily time frame, indicating that the asset is in a downtrend.

This trend could only reverse if the price breaks above the 200 EMA and the $16 resistance level.

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