Support levels tested at $10 and $7.50

• ChainLink is testing key support levels at $10 and $7.50 after falling below the trendline.
• A break below $10 or $7.50 could indicate a further drop in ChainLink’s price.
• Traders is looking at whether ChainLink can continue to recover or decline from these support levels.

ChainLink has recently suggested a retest of key areas of price declines, as depicted in the analysts’ chart on April 8th. This moved to nearly $20 after the link was held at $10 and $7.50, as shown in the analysts chart on April 8th. This trendline break represents an important point for chain links. This point could mean a serious test at a low price when it drops.

So traders are now monitoring these support zones to determine whether prices will bounce back or continue downwards.

ChainLink Key Support Level

The chart provided by Ali shows two main levels of support: $10 and $7.50 are important for ChainLink prices. The link struggled to surpass the trendline, so it reached the $10 level. It assumes that at an immediate support level, buyers may intervene and try to stabilize the price. If $10 collapses, the next support area will be important at $7.50. The next few days will be important in determining whether the chain link will hold bullish momentum or enter the bearish stage.

Looking at retracements from recent highs also means that chain links can experience a long integration stage. And if these support zones collapse, they open even more to lower prices.

Bearish trends after a break on trendline

After a strong rally, ChainLink’s value hit hard and fell below the trend line. This rain check, past the trend line, left a worrying picture that further stories will be sold to the market. Also, this type of price action usually tests previous support zones. The next two support levels $10 and $7.50 play an important role in checking the orientation of the next link:

To add to the conflict, this important trendline breakdown probably shows an increase in bearish momentum in the short term. In this scenario, negative market sentiment could win if support is not retained.

What’s next for Chain Link Price Action?

There are still major questions. Does ChainLink retain support levels at $10 and $7.50 or will it continue to fall?

At this point, prices are under great pressure due to trendline breakdowns and sentiment across the market. The long-term outlook is uncertain for ChainLink, which has been fairly weak recently. Investors and traders are waiting with breath, waiting for the first sign of a comeback. Otherwise, there will be further declines. Price actions at critical support levels can form short-term chain link price development. Whether assets move to their own holdings or low tests is very important for market investors.