In the context of the daily timeframe, Chainlink (LINK) has recently encountered a significant resistance barrier at the 16 USDT mark, following a notable uptrend. The current scenario suggests an impending price correction, with a potential retracement to the 12 USDT level to fulfill the pullback.

The correction to 12 USDT is pivotal, serving as a crucial juncture for LINK’s market dynamics. It is at this point that market participants are expected to assess the asset’s resilience and potential for a renewed ascent. Successful navigation through this correction could pave the way for Chainlink to resume its upward trajectory, aligning with its established bullish trend.

Key support levels that warrant attention during this phase include the 9 USDT and 12 USDT marks. These levels are critical indicators of the market’s underlying strength, with a robust support at 12 USDT serving as a potential foundation for the anticipated recovery.

Conversely, notable resistance levels at 16 USDT and 21 USDT are significant benchmarks that may influence LINK’s price movements. Breaking through these resistance barriers could signal a continuation of the bullish momentum, while failure to do so may prolong the consolidation phase.