Chainlink

Cardano

Date: Fri, Dec 20, 2024, 11:07 AM GMTIn the past 48 hours, the cryptocurrency market has been rocked by a significant sell-off, with Bitcoin (BTC) tumbling to $93,000 after hitting an all-time high of $108,000. The correction follows increased market uncertainty stemming from the recent Federal Reserve meeting, causing a ripple effect on <a href="https://coinsprobe.com/altcoins-decline-continues-ftm-and-ena-face-heavy-losses-will-the-downtrend-reverse/" rel="noopener noreferrer nofollow">altcoins </a>like Cardano (ADA) and Chainlink (LINK).Both assets have seen sharp corrections, dropping by over 20% in the last 24 hours and now trading near critical support levels.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/834ed88a389744c483ad8b36d81a4a64.png" />Source: Coinmarketcap<h3 id="cardano-ada">Cardano (ADA)</h3>Over the past two days, Cardano (ADA) experienced a sharp 25% drop, falling from $1.04 to its current price of $0.77. However, this decline can also be viewed as a retest of its previous breakout level. Earlier this year, ADA successfully broke above the $0.75-$0.81 resistance zone, propelling it to a high of $1.32.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/691df5f5199c4b33b4278c0a519f75a2.png" />The current price action is testing the strength of this newly-formed support zone. Should ADA manage to hold above this critical level, a potential reversal could take shape. In that case, buyers might target a recovery toward its next resistance at $1.32. On the downside, if the support zone fails, ADA could face further declines.<h3 id="chainlink-link">Chainlink (LINK)</h3>Chainlink (LINK) has also witnessed a sharp correction of approximately 23% in the last two days, falling from $27.93 to its current price of $20.16. Similar to ADA, this decline aligns with a retest of its previous breakout zone. Earlier, LINK managed to break above the $18.39-$22.52 resistance range, pushing its price to a high of $30.80.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/8f638b7f75524b1aae4b887b103c8465.png" />The current pullback has brought LINK back into this key support zone. If buyers successfully defend this level, LINK could see a bounce back toward its recent high of $30.80. However, a failure to hold this support might trigger a deeper correction.<h3 id="what-to-expect-ahead">What to Expect Ahead?</h3>As both tokens have marked major corrections and found themselves at critical support levels, this could present an excellent opportunity for accumulation. These levels often attract buyers, signaling potential areas for recovery.A rebound is likely on the horizon if Bitcoin (BTC) stabilizes and shows resilience.However, traders should exercise caution. Market volatility remains a key factor, and any further declines in BTC could undermine the ability of these support zones to hold, potentially leading to deeper corrections. Monitoring the market closely and managing risk is essential during such uncertain times.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.Also Read: <a href="https://coinsprobe.com/altcoins-decline-continues-ftm-and-ena-face-heavy-losses-will-the-downtrend-reverse/" rel="noopener noreferrer nofollow">Altcoins Decline Continues: FTM and ENA Face Heavy Losses – Will the Downtrend Reverse?</a>

Cardano (ADA) and Chainlink (LINK) Hits Major Support Levels Amid Sharp Correction: What's Ahead?

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