2023-11-22 13:30 |
Chainlink’s native token LINK continues holding above what analyst Ali deems an essential support zone, but it faces pressure to maintain this floor after an undesirable weekly close per Rekt Capital. A failure to hold these levels risks breakdown, while preservation may enable a recovery.
According to Ali, nearly 11,470 LINK wallets currently contain positions averaging 25.3 million LINK within the demand region between $13.80 and $14.20.
Rekt Capital notes LINK did successfully defend support last week after briefly dipping below. However, the weekly candle close below the pivotal $14 mark presents some caution. Additionally, the vital area Ali spotlights must now function as a springboard, given its breakdown in the interim.
If LINK fails to reclaim levels surrendered last week on the retest ahead, Rekt Capital warns it could lose momentum for further upside. Preserving support is paramount to sustaining bullish hopes.
Read also:
Solana (SOL) Price Takes A Well-Deserved Breather After Explosive 200% Rally, But Bulls Remain In Control Binance’s Implosion Proves Decentralized is Safer as FTX Collapse is Happening Again The Battle of Memes: Wall Street, Doge Killer, and the GameStop MemesIn summary, while Chainlink evaded the worst-case drop thus far, its guarded state remains fragile to tilting sentiment. Two crypto analysts convey the importance of $14 as LINE maintains a delicate balance at make-or-break thresholds.
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The post Chainlink Stands at Crossroads After Defending Crucial Support, LINK Could Retest Lows If This Support Fails appeared first on CaptainAltcoin.
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