Chainlink recently broke out of an accumulation phase and is now up by 23% in seven days. It faced rejection and cooled off briefly. While the price remains strong, it may undergo a slight pullback to fuel a fresh increase.

Following late January resurge from $13.3, Link climbed above the $15 level to tap $18.88 last week. It retraced and closed the week above $18. This led to a significant break out of a three-month accumulation phase. 

It advanced higher this week and has managed to tap $19.8. This price level got rejected to where it’s changing hands at $18.7. The price may further retrace as it currently finds it difficult to reclaim last week’s high.

The key resistance levels flipped during last week’s surge could be retested as support if the price pulls lower. Next week might come as a correction phase as such a move should strengthen the market for the next swing high.

However, if the rally advances above the current weekly high, we can expect it to claim more highs before initiating a small correction. 

While the daily volume indicator suggested a potential drop, Link remains bullish across all major timeframes. It is currently charting in the top gainers zone with a traded volume of $573.5 million in the past 24 hours.

Link’s Key Levels To Watch

Source: Tradingview

Link currently faces the $18.88 resistance level. Above this resistance lies the $19.8 level. If all these mentioned resistance flips in the next few days, the potential level to watch for a breakup is $22 and perhaps $24.

The closest support level to watch for a drop right now is $17.7. Other support levels to keep in mind are $16.6 and $15.7, followed by $14.4.

Key Resistance Levels: $18.88, $19.8, $22

Key Support Levels: $17.7, $16.6, $15.7

Spot Price: $18.7
Trend: Bullish
Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

 

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Filed under: Bitcoin - @ February 8, 2024 9:26 pm