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
Source: TradingView
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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