#ChainlinkUpdate @Chainlink Market Analysis plummeted nearly 20%. Is it panic selling or a buying opportunity?

LINK plummeted nearly 20%. Is it panic selling or a buying opportunity?

Market Analysis

LINK dropped 19.74% today, with the current price at $21.43, hitting an intraday low of $19.56. After retreating from a recent high of $27.41, the bears are currently in control, but there is potential for a rebound in the key support area in the short term.

Key Levels

• Support Levels: $20.00, $19.00, $18.00
• Resistance Levels: $23.00, $25.00, $27.00

If the price stabilizes around $20.00, a rebound may occur; however, if it falls below $19.00, further pullback risks should be monitored.

Short-term Strategy

1. Long Position Strategy
• Entry Price: $20.00 (light position long)
• Add Position Price: $19.00 (support test stabilizes)
• Stop Loss Price: $18.00
• Take Profit Price: $23.00, $25.00, $27.00
2. Short Position Strategy
• Entry Price: $23.00 (testing resistance hits)
• Add Position Price: $25.00
• Stop Loss Price: $27.00
• Take Profit Price: $21.00, $20.00, $19.00

From the current volume and price performance, LINK may continue to fluctuate and build a bottom in the short term. If the support level at $20.00 can hold effectively, market sentiment is likely to gradually recover; conversely, if it falls further below $19.00, the bears will take control, and the price may test $18.00 or even lower.

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