LINKing Up or Breaking Down: $26.70 to Watch.
Unable to break through $30.93, Chainlink declined to below $28.70. We have to watch the price action around this level.
1. We need to see a strong recovery to above $28.70 support level that could signal a continuation of the bullish momentum, potentially driving LINK to retest $30.93 and move higher toward the next resistance at $34.58. Such a scenario would underscore the presence of strong buying interest (Green Projections).
2. On the downside, a failure to maintain $28.70 could expose LINK to further weakness, with a possible decline toward the critical support at $24.49 in 4-Hour Chart.
1. We need to see a strong recovery to above $28.70 support level that could signal a continuation of the bullish momentum, potentially driving LINK to retest $30.93 and move higher toward the next resistance at $34.58. Such a scenario would underscore the presence of strong buying interest (Green Projections).
2. On the downside, a failure to maintain $28.70 could expose LINK to further weakness, with a possible decline toward the critical support at $24.49 in 4-Hour Chart.
Note
Chainlink is exhibiting signs of weakness and pushing into the range zone below $28.70. A sustained price action below this level will slow down the momentum in Chainlink and we see more price choppiness. Note
LINK has turned neutral on the 4-hour chart and re-entered a range-bound zone, where price action is expected to be slow and choppy. As long as it trades below $28.7, a decline toward $24.5 remains highly likely.
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