LINK/USDT Technical Analysis in Weekly Timeframe.
Hello everyone, I’m Cryptorphic.
For the past seven years, I’ve been sharing insightful charts and analysis.
Follow me for:
~ Unbiased analyses on trending altcoins.
~ Identifying altcoins with 10x-50x potential.
~ Futures trade setups.
~ Daily updates on Bitcoin and Ethereum.
~ High time frame (HTF) market bottom and top calls.
~ Short-term market movements.
~ Charts supported by critical fundamentals.
Now, let’s dive into this chart analysis:
The LINK/USDT weekly chart presents a technical analysis highlighting key levels and potential future movements. The update covers a multi-year perspective, focusing on critical support and resistance levels, trendlines, and possible price action patterns.
Key Highlights:
~ All-Time High Resistance: The chart marks the all-time high resistance level at $53, setting a target for the bull run.
~ Symmetrical Triangle Formation: The price action since the all-time high in 2021 has formed a symmetrical triangle pattern. Since last March 2024, it has rejected forming a consolidation pattern.
~ Strong Supporting Trendline: Since September 2019, LINK has respected a strong ascending trendline, which has acted as a critical support level through various market cycles. This trendline's integrity is essential for maintaining the long-term bullish structure.
~ Consolidation Zone: The green highlighted area between $7 and $9.5 signifies a significant consolidation zone where LINK has found strong support multiple times. This zone is important for price stabilization and potential accumulation.
~ Price Projection: The chart suggests a possible price decline to the lower end of the consolidation zone ($7) before a potential rebound. This projection aligns with the symmetrical triangle's support, reinforcing the importance of this level.
~ Relative Strength Index (RSI): The RSI indicator at the bottom shows a gradual recovery, currently around 47.11. A move above 50 could signal increasing bullish momentum although there is still room for further decline toward the oversold zone below 30.
Sweet Entry for LINK: $6 to $8.
Conclusion:
The LINK/USDT chart presents a mixed outlook with the potential for both bullish and bearish outcomes. The blue dotted line along with 100EMA holds good support for LINK. A breakdown below this will likely continue the consolidation.
DYOR.
Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see!
Thank you!
#PEACE
#Chainlink
For the past seven years, I’ve been sharing insightful charts and analysis.
Follow me for:
~ Unbiased analyses on trending altcoins.
~ Identifying altcoins with 10x-50x potential.
~ Futures trade setups.
~ Daily updates on Bitcoin and Ethereum.
~ High time frame (HTF) market bottom and top calls.
~ Short-term market movements.
~ Charts supported by critical fundamentals.
Now, let’s dive into this chart analysis:
The LINK/USDT weekly chart presents a technical analysis highlighting key levels and potential future movements. The update covers a multi-year perspective, focusing on critical support and resistance levels, trendlines, and possible price action patterns.
Key Highlights:
~ All-Time High Resistance: The chart marks the all-time high resistance level at $53, setting a target for the bull run.
~ Symmetrical Triangle Formation: The price action since the all-time high in 2021 has formed a symmetrical triangle pattern. Since last March 2024, it has rejected forming a consolidation pattern.
~ Strong Supporting Trendline: Since September 2019, LINK has respected a strong ascending trendline, which has acted as a critical support level through various market cycles. This trendline's integrity is essential for maintaining the long-term bullish structure.
~ Consolidation Zone: The green highlighted area between $7 and $9.5 signifies a significant consolidation zone where LINK has found strong support multiple times. This zone is important for price stabilization and potential accumulation.
~ Price Projection: The chart suggests a possible price decline to the lower end of the consolidation zone ($7) before a potential rebound. This projection aligns with the symmetrical triangle's support, reinforcing the importance of this level.
~ Relative Strength Index (RSI): The RSI indicator at the bottom shows a gradual recovery, currently around 47.11. A move above 50 could signal increasing bullish momentum although there is still room for further decline toward the oversold zone below 30.
Sweet Entry for LINK: $6 to $8.
Conclusion:
The LINK/USDT chart presents a mixed outlook with the potential for both bullish and bearish outcomes. The blue dotted line along with 100EMA holds good support for LINK. A breakdown below this will likely continue the consolidation.
DYOR.
Please hit the like button to support my content and share your thoughts in the comment section. Feel free to request any chart analysis you’d like to see!
Thank you!
#PEACE
#Chainlink
Daily Signals:- telegram.me/thecryptorphic
Coincatch:- bit.ly/15000USDTBonus
Bingx:- bit.ly/4000USDTBonus
MEXC : bit.ly/get9100usdt
Binance: bit.ly/cryptorphic1000
ELITES: bit.ly/Join_elite
Coincatch:- bit.ly/15000USDTBonus
Bingx:- bit.ly/4000USDTBonus
MEXC : bit.ly/get9100usdt
Binance: bit.ly/cryptorphic1000
ELITES: bit.ly/Join_elite
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.