The past few days trading has been boring for Link as it entered a consolidation mode. While volatility appears extremely low, it seems to be building up for another crackdown. It is yet to find a bottom.
Link has halted selling for a while since the price recovered from $15.4s a few weeks back. Subjecting straight into a consolidation phase, the price traded calmly and rough as the next move remains unknown.
This calmness came due to a balance in price and volume, but from the look of things, it appeared to be building up for another major price movement, which is still under incubation on the daily chart.
Looking at the price actions, the latest build-up indicates a potential decline capable of sending the bears back into the market. From a technical standpoint, the price will likely collapse anytime soon.
Though Link has recently found a support level but from the look of things, it may not hold following the new bearish formation on the daily timeframe. If the price breaks below the monthly low, a bigger dump can be expected.
Otherwise, it would remain indecisive until an explosion occurs. For now, the market is still under the bears’ watch on the micro-scale.
LINK’s Key Levels To Watch
Source: Tradingview
The $17.1 level is the closest support to watch for a breakdown. A clear breakdown there could plunge the price to the $15.4 support. The lower price level to watch for a dip is $13.
Right now, there’s no sign of an increase. However, if the bulls manage to step back, the potential resistance level for a test is $19.8. Higher levels to keep in mind are $22.3 and $27 in case of a breakup.
Key Resistance Levels: $19.8, $22.3, $27
Key Support Levels: $17.1, $15.4, $13
- Spot Price: $17.8
- 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.
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