Having undergone a short retracement in the past few days, Link faced rejections two days ago and lost grip on the daily scale. It joined the latest market dip and registered an 8% loss in the past hours.
The past three weeks saw Link through a bit of suspense in short-term bearish, but it appears to have resumed pressure amid the latest drops.
These drops came after rejecting the $16 level on Tuesday, although it traded relatively calmly yesterday as it decides on the next major move. It suddenly released pressure today and dropped to where it is changing hands at $14.5 at the time of writing.
While this drop marked the biggest daily loss since the start of the month, the crypto appears set for another major dip as the bears step back. This indicates a sudden increase in the supply level. If the bulls fail to intercept the latest move, bigger drops will surface.
That could send the price below the $10 level in the next few weeks. However, the monthly low is considered an important support to watch for a crackdown. If it holds, the bleeding may pause before expanding – the calm before the storm.
Right now, the bulls are off the market. Even if they come back, they must reclaim the yearly resistance before we can consider a shift. But as it stands, they are likely to suffer more losses amid rising supply.
LINK’s Key Levels To Watch
Source: Tradingview
On the way down, Link may face support at $13.65 and $11.9 – the current monthly low. A crack there could crash the price to a low of $10.
As it stands, there’s no room for an increase. Tuesday’s rejected $16 high is now acting as resistance. Higher levels holding above this resistance are $17.5 and $19.8 in case of an increase.
Key Resistance Levels: $16, $17.5, $19.8
Key Support Levels: $13.65, $11.9, $10
- Spot Price: $14.5
- 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.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
