Chainlink tests $12.50 support amid whale activity and market dips. Will it hold, or are bears in control? Plus: Dogecoin's choppy waters.

Chainlink Bears Eye $12.50: Will LINK Hold?

Chainlink (LINK) is at a pivotal moment, testing the crucial $12.50 support level. Bearish pressure is mounting, but a reversal could be on the horizon. Let's dive into what's happening.

Chainlink's $12.50 Test

According to CRYPTOWZRD's analysis, Chainlink closed bearishly and is now testing the key $12.50 support. Weekend liquidity is expected to be lower, leading to choppy price action. This makes it essential to closely monitor intraday volatility. This zone could offer early clues about the token’s next move.

Whale Moves and Market Dips

Recent on-chain data shows a massive 3,373% surge in Chainlink whale moves over the last 24 hours. This coincides with a broader crypto market sell-off, resulting in significant liquidations. Large transaction volume spiked, suggesting increased activity from large holders.

This surge follows Chainlink's token unlock, where non-circulating supply wallets deposited a substantial amount of LINK into Binance. At the time of writing, Chainlink was down, mirroring the overall market downturn.

Potential Rebound Scenarios

CRYPTOWZRD points out that LINKBTC is in oversold territory, hinting at a statistically likely positive reversal. A bounce could ignite a sharp upside spike in LINK, potentially flipping sentiment from bearish to bullish. A decisive bullish reversal from $12.50 is crucial to reestablish upward momentum.

If buyers reclaim control, the next critical resistance is at $16, followed by $19.50. Clearing these levels would signal a significant shift and pave the way for a broader trend change.

Dogecoin's Choppy Waters

While Chainlink is battling bears, Dogecoin (DOGE) is also facing challenges. After an attempt to reclaim momentum, Dogecoin's price is hovering near $0.163. It's trapped within a descending wedge pattern, with multiple failed attempts to breach the upper resistance. Caution prevails below the $0.170 barrier.

Final Thoughts: What's Next?

Chainlink's fate hinges on holding the $12.50 support. Keep a close eye on Bitcoin's price action and intraday volatility. As for Dogecoin, it needs to break above $0.170 to signal a potential bullish reversal. Crypto, as always, keeps us on our toes!