Chainlink’s Link appears weak today following another daily reduction. It looks set to break lower amid bearish but there’s currently not enough supply to set the stage for another drag down.
Link posted a minor gain this week following a buy from the $17.5 level during last weekend’s trading. This buy didn’t last long as it struggled to push above the important $20 resistance, formerly support.
It halted buying and dropped below $19. This has triggered a slight drop today and the market is now looking calm on the day. Supply looks low at the moment but we can expect a major sell-off when it increases.
A further price breakdown would result in a huge loss and at the same time cause a serious FUD (fear, uncertainty and doubt) in the market while looking for a solid ground level.
Technically, there are currently no signs of bulls in the market. If they defend the monthly low well, we may see a strong buyback. Such a move should bring back positive actions in the market. However, it must climb back above the mentioned resistance level to consider a buyback.
As it stands, the short-term structure remains bearish, and as a result, the bears are much more likely to have an upper hand than the bulls.
Source: Tradingview
The closest support level right now is $17.5 along with the holding $15.4 level. Collapsing off this level could cause a major dip to $13.
Increasing above $20, the first line of resistance for a test is $22.3. A cross above it could send us to $27. The higher resistance level to watch is $31.
Key Resistance Levels: $22.3, $27, $31
Key Support Levels: $17.5, $15.4, $13
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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