Will Chainlink drop 17% amid tariff tensions? Mapping the road ahead

• Chainlink’s chain data shows that traders tilt on the short side.
• If the link breaks down below $ 12.70, it could face a potential 17% decline.

Escalation of tariff tension Chainlink [LINK] over the edge. This asset has been trying to get dynamics over the last week and the recent Bearish Outlook traders keeps things unfavorable to the link.

Merchants show an interest in shortening the link

Since July 8th it seemed that traders had a bear market view, hard betting, OOOO doAnalytical tool n strings Coinglass.

The traders were on the underside (support) and $ 13.83 on the upper side with a superior of $ 12.99, at a level where a strong interest was observed.

The chain data showed that traders have created long positions worth $ 5.87 million and short positions worth $ 8.64 million. Link was currently bearish and looked ready for a fall in prices.

In addition, the long/short line was 0.935. 48.32% of traders bet on long positions, while 51.68% were placed short at the time of printing.

Current price of momentum

During the press, Link traded near $ 13.49 and has seen a modest price drop more than 0.55%in the last 24 hours.

This decrease in prices in tension tariff not only strengthened the bear’s view between traders, but also reduced the participation of investors and traders.

Coinmarketcap data revealed that the volume of Link trading in the last 24 hours has fallen by 12% compared to the previous day.

ChainLink: Key levels for tracking

Ambrpto’s technical analysis revealed that the legacy was at the time of the press during the press.

For more than two weeks, the asset has been consolidated in a close range and now reaches a key level of resistance created by a descending trend line.

Historically, whenever the price reached this level, she faced rejection and recorded a decline. This means that the asset tested this resistance.

Potential upcoming levels for token link

If the market sentiment remains unchanged and the price falls below $ 12.70, a potential 17% decline could follow.

On the other hand, if the sentiment moves and the price breaks over this prolonged resistance and closes the day candle above the trend line, it could open the way for the strong rally up.

At the time of printing, the link is traded below 200 -day exponential gliding average (EMA) in the daily time frame, indicating that the asset is in the descending trend.

This trend could only turn if the price breaks over 200 EMA and the level of resistance of $ 16.