"LINK Plummets to $15: Can Bulls Defend Key Support?"

Chainlink (LINK), a decentralized oracle network playing a crucial role in the blockchain space, has experienced a notable decline after reaching highs above $30. The price is currently hovering around $15, sparking concerns among traders about whether the downtrend will continue or if a recovery is on the horizon. This analysis explores LINK’s key support and resistance levels, RSI trends, and the probability of a rebound or further decline.

Chainlink has been in a steady downtrend since reaching $30, forming lower highs and lower lows. After failing to hold support at $20, the price dropped below $15, signaling increased bearish momentum. The current price structure suggests that the market is struggling to find buying pressure, which could open the door for further downside. The next critical support level sits around $12-$13, which has historically acted as a strong demand zone. If LINK fails to hold above this range, the price could break down toward $10 or even lower in an extended bearish scenario.

The possibility of LINK breaking below $10 depends on whether $12-$13 holds as support. This level has previously prevented major breakdowns, making it a key area to watch. If sellers overwhelm buyers and push LINK below $12, the next target would be $10, where further sell-offs could accelerate. However, a break below $10 seems unlikely unless broader market conditions turn extremely bearish. If Bitcoin and the overall crypto market continue declining, then LINK could see sub-$10 prices, but for now, bulls still have a chance to defend the current levels.

Despite its extended downtrend, LINK is showing some early signs of stabilization. The Relative Strength Index (RSI) is currently at 34, approaching the oversold zone, which suggests that selling pressure could be weakening. Typically, when RSI drops below 30, it indicates a potential reversal is near. Additionally, the Heikin Ashi candles show that the bearish trend is starting to slow down. If LINK can print multiple consecutive green candles, it would signal that buyers are stepping in. However, a true reversal would require a break above $17-$18, which is the first major resistance level.

For LINK to confirm a reversal, it must first reclaim $17-$18, which