#Chainlink Drops 22%, Triple Tops Forms
Past Performance of Chainlink
Chainlink is down 22 percent from this week's highs as bears wreak havoc. Technically, there is a bearish engulfing bar with high trading volumes pointing to participation and, mostly, the exit of liquidity. As it is, LINK traders can search for entries to dump the token, expecting further losses toward 2022 lows in the short to medium term.
#Chainlink Technical Analysis
There is a triple top formation in the daily chart. Notably, the November 8 bar is with high volumes and wide-ranging, rejecting gains above Q3 2022 highs at around $9.5. Therefore, since the trend has been developed and fundamental factors support sellers, because fear grips the market, aggressive traders can look to unload with targets at $6.2 and later $5.2—2022 lows as they realign with the primary trend. This was established in H1 2022. Presently, losses that push LINK to print new 2022 lows will be in continuation with early this year's losses.
What to Expect from #LINK?
Traders are apprehensive and looking for safety. Subsequently, most, as the chart shows, are dumping the coin, contributing to the sell-off. As long as LINK is below $9.5, the token might drop to new 2022 lows.
Resistance level to watch out for: $9.5
Support level to watch out for: $6.2
Disclaimer: Opinions expressed are not investment advice. Do your research.
Chainlink is down 22 percent from this week's highs as bears wreak havoc. Technically, there is a bearish engulfing bar with high trading volumes pointing to participation and, mostly, the exit of liquidity. As it is, LINK traders can search for entries to dump the token, expecting further losses toward 2022 lows in the short to medium term.
#Chainlink Technical Analysis
There is a triple top formation in the daily chart. Notably, the November 8 bar is with high volumes and wide-ranging, rejecting gains above Q3 2022 highs at around $9.5. Therefore, since the trend has been developed and fundamental factors support sellers, because fear grips the market, aggressive traders can look to unload with targets at $6.2 and later $5.2—2022 lows as they realign with the primary trend. This was established in H1 2022. Presently, losses that push LINK to print new 2022 lows will be in continuation with early this year's losses.
What to Expect from #LINK?
Traders are apprehensive and looking for safety. Subsequently, most, as the chart shows, are dumping the coin, contributing to the sell-off. As long as LINK is below $9.5, the token might drop to new 2022 lows.
Resistance level to watch out for: $9.5
Support level to watch out for: $6.2
Disclaimer: Opinions expressed are not investment advice. Do your research.
Related publications
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.