Altcoins are back in the red over the past hours after posting minor gains earlier this week. Link also resumed negative actions and shed a 3% loss since yesterday. It remains in a tight range as the price drops.
Link’s price behaviour has been uncertain for a while now, but the bears are gaining control following the latest decrease.
Two weeks ago, Link fell from the $8.3 level and recovered a few days later. But unfortunately, it failed to sustain positive actions and the price rolled down after two rejections. The third one came this week and the price slipped near a monthly low of $7.1.
A crackdown from this monthly low will likely plunge the price back to $6.5 before dipping to a key level of $5.5 – where it has been finding support for the past 17 months. While the key level serves as a range low, a notable breakdown from there could see the asset resuming a downtrend from a long-term perspective.
Inversely, an increase above the $8.5-$8.8 zone, which serves as this year’s resistance area, could allow the price to test the crucial $9.5 resistance level one more time before breaking higher.
All in all, it is essential to note that Link is still trading tightly in a range. A break out of this range would determine where next is heading. Currently, it looks weak on the daily chart.
Link’s Key Levels To Watch
If the price breaks down from the range, the immediate level to consider for support is $4.8, where the price quickly recovered from in June. The next support level is located at $4.
The $9.5 resistance remains a key level to watch for a breakup. An increase above it could propel buying to $10.5 and $12.
Key Resistance Levels: $8.5, $9.5, $10.5
Key Support Levels: $6.5, $5.5, $4.8
- Spot Price: $7.3
- 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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