LINKUSD: Approaching Critical Support – Major Move Ahead?
Introduction:
As we navigate through 2024, LINKUSDT finds itself at a pivotal juncture. The cryptocurrency has reached a significant support level, and traders are closely monitoring its next move. Will it hold or will we see a substantial correction? Here’s a detailed analysis of the potential scenarios unfolding on different timeframes.
Weekly Timeframe Analysis:
LINKUSDT has reached a crucial support level at $13.1, the most important one for 2024. A breakdown below this level could trigger a sharp correction down to $7. This move would likely lead to a retest of the accumulation zone built over the past year.
Key observations:
Price Action: The price has failed to establish higher highs in the last three peaks.
RSI Divergence: The RSI is forming lower highs, signaling weakening momentum.
Volume Analysis: Decreasing volume during the formation of the accumulation box indicates low buying interest.
Given these factors, there's a strong possibility that the accumulation box will break to the downside.
Daily Timeframe Insight:
A head and shoulders pattern appears to be forming on the daily chart. The price is currently testing the neckline. Should the $13 support fail and a daily candle closes below this level, we could see a significant correction – potentially around 40%, aligning with the head and shoulders target.
4-Hour Timeframe Outlook:
In line with the bearish higher timeframes, if a candle closes below $12.97 on the 4-hour chart and the RSI enters the oversold territory simultaneously, it could signal the start of a new bearish wave. The first target for this move would be $10.63.
Conclusion:
LINKUSDT is at a make-or-break point. The critical support levels identified across multiple timeframes suggest that traders should be prepared for significant volatility. Whether it’s a breakdown or a rebound, these levels will be crucial in determining the next major move for LINKUSDT. Stay vigilant and adjust your strategies accordingly.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.
As we navigate through 2024, LINKUSDT finds itself at a pivotal juncture. The cryptocurrency has reached a significant support level, and traders are closely monitoring its next move. Will it hold or will we see a substantial correction? Here’s a detailed analysis of the potential scenarios unfolding on different timeframes.
Weekly Timeframe Analysis:
LINKUSDT has reached a crucial support level at $13.1, the most important one for 2024. A breakdown below this level could trigger a sharp correction down to $7. This move would likely lead to a retest of the accumulation zone built over the past year.
Key observations:
Price Action: The price has failed to establish higher highs in the last three peaks.
RSI Divergence: The RSI is forming lower highs, signaling weakening momentum.
Volume Analysis: Decreasing volume during the formation of the accumulation box indicates low buying interest.
Given these factors, there's a strong possibility that the accumulation box will break to the downside.
Daily Timeframe Insight:
A head and shoulders pattern appears to be forming on the daily chart. The price is currently testing the neckline. Should the $13 support fail and a daily candle closes below this level, we could see a significant correction – potentially around 40%, aligning with the head and shoulders target.
4-Hour Timeframe Outlook:
In line with the bearish higher timeframes, if a candle closes below $12.97 on the 4-hour chart and the RSI enters the oversold territory simultaneously, it could signal the start of a new bearish wave. The first target for this move would be $10.63.
Conclusion:
LINKUSDT is at a make-or-break point. The critical support levels identified across multiple timeframes suggest that traders should be prepared for significant volatility. Whether it’s a breakdown or a rebound, these levels will be crucial in determining the next major move for LINKUSDT. Stay vigilant and adjust your strategies accordingly.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Always do your own research and consult with a financial advisor before making any investment decisions.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.