LINK TREND ANALYSIS
This is my analysis of LINK on the daily chart. Currently, price is traveling inside a parallel channel which can also be called a bear flag (blue lines). Technically this is a bearish setup and it implies that another major move to the downside is coming. As far as I know, the best scenario bulls can hope for is a dragged-out consolidation phase. If LINK keeps trading within this channel, it's possible that sellers will lose momentum over time and price will be able to break to the upside.
I have drawn two more trendlines that correlate with current price action (in black). The bottom trendline has acted as support since March 2020. Price broke below this trendline last month and now its acting as a resistance. The trendline above the price is a solid resistance but that probably won't come into play anytime soon (almost 50% away). I'm expecting LINK to move sideways for now because that's what it does best. When I say sideways, I mean I'm not expecting either a breakout or a breakdown. I hope this was helpful. Good luck!
I have drawn two more trendlines that correlate with current price action (in black). The bottom trendline has acted as support since March 2020. Price broke below this trendline last month and now its acting as a resistance. The trendline above the price is a solid resistance but that probably won't come into play anytime soon (almost 50% away). I'm expecting LINK to move sideways for now because that's what it does best. When I say sideways, I mean I'm not expecting either a breakout or a breakdown. I hope this was helpful. Good luck!
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