Link’s market structure is still considered bearish on the micro-level, but things might change soon as it locates support. It forms a bullish pattern on the 4-hour chart, but there’s no assurance if it will come into play.
Altcoins are back in a recovery mode after witnessing a serious downfall after opening short this week. However, Link remains bearish on the daily chart but has managed to stay above $13 over the past week. This price level is now considered as support.
The recovery came after witnessing a dramatic sell-off from $17.5 two days ago. The bulls intercepted the drops yesterday and pushed back. They are now taking charge on the day. Though the pressure is not strong yet to consider a buy. A push above the previous weekly high should set the stage for retracement before resuming bearish.
On the 4-hour chart, Link signals a potential bullish move with a double-bottom formation, but it is not certain if it will play out. A break above its neckline should validate a temporary shift while the buyers regroup.
Losing the current holding support could invalidate the bullish move, hence advancing drops to a new multi-month low. Technically, the price has reached an oversold region on the daily chart. We can expect a small recovery while the trend remains bearish.
LINK’s Key Levels To Watch
Source: Tradingview
The main resistance level to watch for now is $17.5. If the price breaks higher, $19.8 is the next resistance to keep in mind, followed by $22.3.
For pullback, there’s close support at $15.4. A break below the holding $13.1 support could slip the price to $11. If this level fails to produce a bounce, it may navigate $10 for support.
Key Resistance Levels: $17.5, $19.8, $22.3
Key Support Levels: $15.4, $13.1, $11
- Spot Price: $16.4
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Image Source: naratrip/123RF // Image Effects by Colorcinch
