LINKing Up or Breaking Down: $26.70 to Watch.
Unable to break through $30.93, Chainlink declined to below $28.70. We have to watch the price action around this level.
1. We need to see a strong recovery to above $28.70 support level that could signal a continuation of the bullish momentum, potentially driving LINK to retest $30.93 and move higher toward the next resistance at $34.58. Such a scenario would underscore the presence of strong buying interest (Green Projections).
2. On the downside, a failure to maintain $28.70 could expose LINK to further weakness, with a possible decline toward the critical support at $24.49 in 4-Hour Chart.
1. We need to see a strong recovery to above $28.70 support level that could signal a continuation of the bullish momentum, potentially driving LINK to retest $30.93 and move higher toward the next resistance at $34.58. Such a scenario would underscore the presence of strong buying interest (Green Projections).
2. On the downside, a failure to maintain $28.70 could expose LINK to further weakness, with a possible decline toward the critical support at $24.49 in 4-Hour Chart.
Note
Chainlink is exhibiting signs of weakness and pushing into the range zone below $28.70. A sustained price action below this level will slow down the momentum in Chainlink and we see more price choppiness. Note
LINK has turned neutral on the 4-hour chart and re-entered a range-bound zone, where price action is expected to be slow and choppy. As long as it trades below $28.7, a decline toward $24.5 remains highly likely.
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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.