Chainlink price tests major S/R zone at $10, will bulls regain momentum?
The current pullback now places focus on the important horizontal support-resistance flip zone near $10.10, which previously acted as resistance during the broader consolidation phase before turning into short-term support after the recent breakout. As long as LINK continues holding above this region, the broader short-term structure remains constructive. A successful defense of the $10 area could allow bulls to regroup for another attempt toward the $10.8 resistance zone, followed by the 0.618 Fibonacci retracement near $11.64. A look at the Supertrend indicator also supports the moderately bullish outlook. Notably, the indicator recently flipped bullish on the daily timeframe, signaling that buyers currently retain short-term trend control despite the ongoing consolidation. Meanwhile, the Aroon indicator continues to favor bullish momentum, with the Aroon Up remaining above 70% while the Aroon Down stays near 0%, suggesting buyers still maintain relative dominance within the current trend structure. However, momentum appears to be gradually cooling after LINKs strong rally over the past several weeks. Failure to hold above the key $10 support-resistance zone could weaken bullish momentum and potentially expose the token to deeper pullbacks toward the next major support regions near $9.93 and $8.87. On the upside, bulls would likely need to reclaim the $10.79 resistance level