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Chainlink Analysis: Key Patterns and Downside Risks 2024.12.29Hello, this is Greedy All-Day. Today’s analysis focuses on Chainlink (LINK). Weekly Chart Analysis Looking at the weekly chart, Chainlink recently broke above the long-term resistance trendline in the green box, pushing past the previous resistance level at $21. However, the price has now entered a corrective phase, potentially retesting the trendline. Chainlink has dropped approximately 30% from its 2024 high. Daily Chart Analysis On the daily chart, the short-term ascending trendline was broken some time ago. After a retest, the price appears to have resumed its corrective trend. A key concern here is the development of a Head & Shoulders (H&S) pattern, with the neckline break being the final confirmation for further downside. Neckline and Entry Considerations The H&S neckline is marked with the green trendline. For conservative entries, I recommend waiting for the price to fall below the 60 EMA on the daily chart before entering. Targets: The first target is the demand zone in the blue box, specifically at the $16 level. If $16 breaks, it would signal the end of the bullish phase, with further downside likely. The H&S pattern target suggests a potential drop to $9. Volume Analysis The volume supports the completion of the H&S pattern, showing a gradual decline in buying pressure. This weakening buying momentum increases the probability of further declines if the neckline is broken. Conclusion Chainlink has shown strength in breaking the long-term resistance trendline, but the recent corrective phase raises concerns: Weakening buying pressure during the decline suggests the potential for further downside. If the current level fails to hold, Chainlink may enter the Ichimoku Cloud, signaling a trend reversal and opening the door for a 50% decline from current levels. Recommendation: For now, I recommend observing the market rather than taking new long positions. Waiting for confirmation of support or a significant breakout is the safer approach. Let’s trade smart and stay ahead of the market. 🚀
Short
by Greedy_allday
LINK ANALYSIS🚀#LINK Analysis :  Pattern Formation 🔮As we can see in the chart of #LINK that there is a formation Head And Shoulder Pattern and it's a bearish pattern. If the candle closes belowthe neckline then we would see a little dump in #LINK otherwise it will go rise according to the market 📊 🔰Current Price:  $21.80 ⚡️What to do ? 👀Keep an eye on #LINK price action. We can trade according to the chart and make some profits⚡️⚡️ #LINK #Breakdown  #Cryptocurrency #TechnicalAnalysis  #DYOR
by ZEUS_Market_Alerts
#LINK Head and Shoulders Formation Points to Potential DownsideChainlink (LINK/USDT), Head and Shoulders Formation Points to Potential Downside On the 4-hour timeframe, a clear Head and Shoulders pattern has emerged, signaling a potential bearish reversal. Key support levels are identified at $19.89 - $21.86, and a decisive close below this critical zone could pave the way for a significant downside move, with the next target projected around $12. Traders should monitor the price action closely at the support zone, as a confirmed breakdown could provide an optimal short entry to capitalize on this pattern. Stay vigilant and ready to seize this opportunity. Not A Financial Advice, Trade at your Own Risk. We are not responsible for profit or losses
Short
by wolfchemist
#LINK Head and Shoulders Formation Points to Potential DownsideChainlink (LINK/USDT), Head and Shoulders Formation Points to Potential Downside On the 4-hour timeframe, a clear Head and Shoulders pattern has emerged, signaling a potential bearish reversal. Key support levels are identified at $19.89 - $21.86, and a decisive close below this critical zone could pave the way for a significant downside move, with the next target projected around $12. Traders should monitor the price action closely at the support zone, as a confirmed breakdown could provide an optimal short entry to capitalize on this pattern. Stay vigilant and ready to seize this opportunity. Not A Financial Advice, Trade at your Own Risk. We are not responsible for profit or losses
Short
by wolfchemist
Why #LINK Could Be Headed for New Highs?BINANCE:LINKUSDT At present, the coin continues its upward movement. Previously, the asset received strong buy support at the $19.78 level (also a key support level). Now, buyer interest is focused in the $24 - $20 range (this is where the largest volumes are concentrated). Spot purchases should be considered within this range as well, with possible further accumulation at the $13.78 level (unlikely, but worth noting). Spot Targets: 1️⃣ $35.76 2️⃣ $52.79 And we’re sure to reach them! I believe #LINK has tremendous potential for further growth. DYOR.
Long
by trendbooster
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