Chainlink (CRYPTO:LINK) experienced a 13% correction, breaking key support levels at $17.40 and $16.70, and entering the 200 EMA on the 4-hour chart.

The price now faces strong resistance at $16.70 and $18.00, with crucial support at $15.60 and $14.30.

The daily chart shows a bearish trend as LINK enters the Ichimoku Cloud and the RSI drops significantly.

Given current market conditions, with Bitcoin (CRYPTO:BTC) trading below $70,000, LINK is expected to struggle to break resistance, potentially continuing its downtrend.

Monitoring these support levels is essential for traders to manage risk effectively.