Current Resistance: LINK price faces a tough battle against an ascending resistance trendline around $12.
Bearish Signals: Price action indicates potential bearish reversals, with higher price rejection candles becoming more frequent.
Breakout Potential: A successful trendline breakout could propel LINK towards the $15 threshold.
Market Struggle: Bitcoin's struggle to maintain its position near $35K is mirrored in LINK's current market performance.
Year-to-Date Growth: Despite the resistance, LINK's impressive growth over the year hints at a possible continuation of the rally.
Volume Trends: Rising trading volumes suggest a growing market interest in Chainlink.
Technical Patterns: LINK's price has shown a bullish breakout from a falling channel, signaling a positive market sentiment.
Technical Indicators - EMA: The 50-day EMA's bullish trajectory could provide support in case of a price correction.
Technical Indicators - MACD: The MACD indicates a potential bearish crossover, hinting at a possible downtrend from the resistance level.
Intraday Trading: LINK is attempting a recovery after a sell-off, challenging its recent price rejections.
Critical Decision Point: Chainlink's price is at a pivotal juncture that could determine its short-term market direction.
Downside Risk: A reversal at the $12 mark could see LINK retesting the $10 support level.
Bearish Signals: Price action indicates potential bearish reversals, with higher price rejection candles becoming more frequent.
Breakout Potential: A successful trendline breakout could propel LINK towards the $15 threshold.
Market Struggle: Bitcoin's struggle to maintain its position near $35K is mirrored in LINK's current market performance.
Year-to-Date Growth: Despite the resistance, LINK's impressive growth over the year hints at a possible continuation of the rally.
Volume Trends: Rising trading volumes suggest a growing market interest in Chainlink.
Technical Patterns: LINK's price has shown a bullish breakout from a falling channel, signaling a positive market sentiment.
Technical Indicators - EMA: The 50-day EMA's bullish trajectory could provide support in case of a price correction.
Technical Indicators - MACD: The MACD indicates a potential bearish crossover, hinting at a possible downtrend from the resistance level.
Intraday Trading: LINK is attempting a recovery after a sell-off, challenging its recent price rejections.
Critical Decision Point: Chainlink's price is at a pivotal juncture that could determine its short-term market direction.
Downside Risk: A reversal at the $12 mark could see LINK retesting the $10 support level.
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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.
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.