Chainlink slipped slightly this week from a brief consolidation phase but later found support after retesting the monthly breakup level as support. The price is now facing up, charging for a fresh increase on the day.
After breaking out of an accumulation phase to touch $20.8 last week, Link traded quietly and consolidated at around $20 throughout that week.
This week became very volatile in favour of the bears and the price fell notably to the low of $17.6. The weekly low-price level was rejected on Friday and the price climbed back above $18, though not strong enough to bring the bulls back on the track.
Technically, that drop came as a retest of the recent breakout from an accumulation phase. However, it is important to note that there is still room for drops if Link shows signs of weakness in the next few days.
Now that the crypto has found support, we can expect an increase if the bulls regroup well in the next few days. Otherwise, it may correct lower to look for a key level to initiate a fresh buy.
Regardless of the past week of drops, Link remains bullish on the daily chart. A surge above this month’s high should validate more potential gains from a long-term perspective.
LINK’s Key Levels To Watch
Reclaiming the $19.1 resistance level that cracked as support during the week could allow a quick push to the monthly high of $20.85. The closest resistance to watch for a breakout is $22, followed by $24.
If Link loses the $17.7 support, the next level to watch for a pullback is the $16.6 support. Below it lies the $15.7 and $14.4 support levels.
Key Resistance Levels: $19.1, $20.85, $22
Key Support Levels: $17.7, $16.6, $15.7
- Spot Price: $18.6
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
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