LINK Facing Crucial Resistance (Again)
After initiating a promising uptrend at the beginning of July, Chainlink (LINK) is once again facing its crucial resistance at $13.
Already at the beginning of July, LINK dipped below this level after having traded above since November 2023 (except for a short dip in Jan).
Based on the chart, this is one of the most essential areas for LINK. A dip below that isn't followed by a quick reconquer can initiate more downside potential and bring the $10 level back into the game.
However, the short-term outlook is mainly bearish (see 2nd attachment). LINK dipped below the Ichimoku cloud, printed a bearish cross, and the future cloud sends bearish signals.
Let's hope LINK can invalidate the signs and bounce quickly. Nevertheless, I wouldn't bet on this for the moment.
Already at the beginning of July, LINK dipped below this level after having traded above since November 2023 (except for a short dip in Jan).
Based on the chart, this is one of the most essential areas for LINK. A dip below that isn't followed by a quick reconquer can initiate more downside potential and bring the $10 level back into the game.
However, the short-term outlook is mainly bearish (see 2nd attachment). LINK dipped below the Ichimoku cloud, printed a bearish cross, and the future cloud sends bearish signals.
Let's hope LINK can invalidate the signs and bounce quickly. Nevertheless, I wouldn't bet on this for the moment.
I'm Ben. Crypto lover, trader, and coder.
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I'm Ben. Crypto lover, trader, and coder.
Join my free newsletter for insights and the hottest trade setups every weekday!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.