Taking a little break after hitting a new multi-month low yesterday, Link saw a rejection and increased with a 5% gain today. While its structure remains bearish, it will likely resume drops soon.
The last three months saw Link through a heavy drop, and the price reset to a low of $11.9 yesterday. This marked the asset’s lowest price level in the last four months, but the price is up today following a small bounce.
While the selling looks overstretched on the daily chart, it may see a recovery anytime soon. The bulls showed interest, but their commitment is not strong enough to bring them back on track. A further increase in the latest bounce could trigger a major recovery in the market.
However, the trend is still strongly in favour of the bears. If they mount pressure again, the price may quickly collapse into the $10 range. A dip below this key range would signal a continuation pattern from a mid-term perspective. But as it stands, the bulls will likely have the upper hand in the next few hours.
Should the bulls take over during recovery, Link must retake the recent peak level before confirming a trend shift. If the ongoing bearish move later turns out to be a bullish double-bottom pattern on the weekly chart, we can expect a major reversal to take place in no time.
Source: Tradingview
Yesterday’s low is now acting as support. If the price further increases, the potential obstacle level for buying would be $15.4. Climbing above it, the $17.5 and $19.8 levels are higher resistance to keep in mind.
If Link releases pressure below the $11.9 support, the lower level for drops would be $10. There’s also support at $9.3 in case of more dips.
Key Resistance Levels: $15.4, $17.5, $19.8
Key Support Levels: $11.9, $10, $9.3
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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