Chainlink [LINK] drops to crucial support zone: Is a price reversal likely?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. LINK dropped to a key demand zone. LINK monthly holders’ profits tanked. Chainlink [LINK] saw a short-term devaluation on 30 January, but a recovery could be likely. LINK plunged by 10%, dropping from $7.518 […]

price action after the king coin lost hold of the $23k zone – setting most of the altcoins into short-term price correction.At press time, LINK’s value was $6.925 and flashed green after hitting a key support zone.The range level of $6.754 – $6.883 was a key resistance zone before being flipped into a support area. It blocked LINK’s rally around mid-January and became a selling pressure zone, pushing LINK to new support at $6.329.

As such, it could help bulls launch a recovery targeting the new selling pressure zone at $0.7500. In addition, a retest of the December high of $7.681 could be possible if BTC reclaims the $23.5k level and surges afterwards.

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