Chainlink (LINK) Faces Bearish Continuation Signals Amid Struggle to Overcome Resistance
Chainlink's (LINK) price is encountering resistance at $13.80, with indications of further downside if it breaches the $13.00 support level. Explore the latest analysis to understand the potential trajectory of LINK's price action.
Chainlink (LINK) Price Analysis:
LINK's price is displaying bearish tendencies below the $14.00 resistance against the US dollar, trading below the $13.60 level and the 100-period simple moving average (4 hours). Notably, a significant bearish trend line is forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair, sourced from Kraken exchange data.
In recent sessions, Chainlink witnessed a gradual decline from levels above $13.80, slipping below the $13.50 support and testing the $13.10 support zone. Despite a minor recovery attempt, LINK struggled to surpass the $13.80 resistance, remaining below the 100-period simple moving average (4 hours).
Potential Scenarios:
A decisive move above the $13.80 resistance could trigger a sustained uptrend towards the $14.00 level, with further upside potential towards $14.35. Conversely, failure to breach the $13.50 resistance might prompt a fresh decline, with initial support near $13.10 and subsequent levels near $12.80 and $12.20.
Technical Indicators:
The 4-hour MACD for LINK/USD indicates increasing bearish momentum, while the RSI is below the 50 level, suggesting downside pressure.
Conclusion:
Chainlink's (LINK) price outlook remains uncertain as it grapples with resistance levels. Traders are advised to monitor key support and resistance levels for potential trading opportunities amidst ongoing market volatility.
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