CHAINLINK PRICE ANALYSIS & PREDICTION (January 14) – Link Faces Rejection After Slight Bounce, Sets For Another Leg Down

2024-1-15 22:04

Following recent breakdowns of key support levels, Link bounced back a bit but finds it difficult to push above the $16 level. It initiated another leg down this week, aiming a lower price levels in the upcoming week.

In late December, Link initiated a drop after failing to increase above the $17.67 level. After days of drops, which saw the market to its lowest price level during last week’s crackdown, it saw a rejection and quickly recovered.

That crackdown brought the bears back into the market and the price entered a correction phase on the daily chart. However, the short-term bullish trajectory is still looking intact.

On Thursday, the bears reacted strongly to the $15.7 level and intercepted during recovery. It marked that level as resistance and initiated another leg down. Chainlink is now changing hands at around $14.

A further drop from there could put the asset in a more bearish condition. Right now, the sellers are gaining control on the hourly chart.

While it has lost steam on the daily timeframe, more selling pressure should be expected in the coming days. As shown on the daily chart, the volume indicator is decreasing by the day. If Link holds the $12.2 level firmly in the next drawdown, we can expect it to bounce back strong.

Link’s Key Levels To Watch Source: Tradingview

Now that the price is facing down, the potential support levels to watch for a dip lie at $13.3 and $12.1. Below these levels lie $10.6. It may even dip to $9.6 (the orange zone) as a retest of the October 2023 breakout.

Link has seen multiple rejections in the past weeks. If it retakes the weekly high of $15.7, the next resistance levels to watch for an increase would be $16.6 and $17.67 with a potential breakup. 

Key Resistance Levels: $15.7, $16.6, $17.67

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

Spot Price: $14 Trend: Bearish Volatility: Moderate

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 @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

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

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

leg another down levels week link price

Источник: nulltx.com

leg another → Результатов: 102


Фото:

Bitcoin Sets New All-Time High on Heels of OTC Buying Frenzy

Bitcoin and the aggregated cryptocurrency market are caught within another leg higher, with bulls staying in full control of the market This uptrend comes shortly after an intense selloff seen yesterday evening, which came as a result of incredibly high funding rates on margin trading platforms The move lower reset these funding rates and cleared out “late longs” – which laid the groundwork for a move higher One analyst explained in a recent tweet that […]

2021-1-9 22:35


дальше еще 53 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

2024: The Year Crypto Went Mainstream

This year has been a defining moment for cryptocurrencies, marking their leap into mainstream adoption. With Bitcoin ETFs debuting, a crypto-friendly U. S. president-elect, and the market cap doubling, 2024 has set the stage for unprecedented growth.