Chainlink appeared weak across the major timeframe but the price is still within a tight range after two months’ trading. The price will remain trapped in the range until a breakout occurs. Down 10% in a month.

Despite the ups and downs in the past two months, Link is trading well above $13 after a slight crackdown earlier this month. It resurged to $16.6 last week and began to drop again. 

Following a consistent decline in the last 7 days, Link lost over 10% to $13.8 at the time of writing with more selling pressure lurking around the corner. A drop below its two-month support may slip the price to around $10 before it picks up. 

As can be seen on the daily chart, it is still trading in a tight range-bound. Despite charting notable losses in the past week, the price is still within a buying range as it provides opportunities to the bulls. 

On the other hand, the recent price actions revealed a hidden bearish pattern – a lower low and lower high formation – it remains invalid until a breakdown occurs. 

Technically, it is currently gathering as much volatility as it can for the next big move. Holding this monthly low for long could fuel an increase from a long-term perspective. But for now, the price is still trading far above its local bottom.

Link’s Key Levels To Watch

Source: Tradingview

While the price remains in a range bound, the holding support level for a potential crackdown lies at $13.3 and $12.1. The target support for this crack would be $10.6. 

Right now, the $14.2 and $15.7 are serving as resistance levels. A recovery above these levels may fuel more push $16.6 with a potential breakup.

Key Resistance Levels: $14.2, $15.7, $16.6

Key Support Levels: $13.3, $12.1, $10.6

Spot Price: $13.8
Trend: Bearish
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: fellowneko/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ January 25, 2024 8:26 pm