Chainlink has seen some substantial reduction in the past week, failing to provide a major discount. However, the price is currently weak as it gathers liquidity for a massive sell-off on the daily chart.
Since Link rejected the $18.3 level, the price has been on a steady fall with no major reaction from the buyers’ side throughout the week, recording about 10% loss so far
Things became uglier as the bears continued to gain control this week, posting a total of 20% in a month. Yesterday was less volatile as the market took a break in selling, but things are now falling apart following the latest resurge.
The bears appeared to be footing a big move on the daily chart following a new sell order from the lower timeframe. If they mount pressure in the next few hours, we may see a fast liquidity run through March’s low – validating a break of structure.
Retesting that low could trigger a bigger flow to the downsides. If not, a steady sell-off could create a gap in the market, which is most likely to be revisited after selling exhaustion set in.
However, a liquidity sweep at March’s low could bring the bulls back into the market with a strong buy swing. Otherwise, they may suffer along until the asset finds solid ground level to foot a fresh increase. As it stands now, the bears are in control.
LINK’s Key Levels To Watch
Source: Tradingview
Currently, the bears are targeting the $16.27 level, marked as March’s low. If they conquer that level, the next area of interest would be $15.7, followed by the $15.1 level, where the crypto initiated a surge in February.
Rejecting March’s low could lead to a slight bounce back before deciding on the next move. The closest discount level for selling right now is located at $17.4 resistance. Higher holding resistance levels to watch are $18.2 and $19.3.
Key Resistance Levels: $17.4, $18.2, $19.3
Key Support Levels: $16.27, $15.7, $15.1
- Spot Price: $17.16
- 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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