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Chainlink Token (LNK)

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LNKUSD trade ideas

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.
COINBASE:LINKUSDShort
by pouoyannn
Chainlink investment technicalsThe cycle low consolidation located atop the golden ratio of the primary cycle indicates a new cycle, after a similar pattern to last (2018-2019) The new cycle is on track with last (2019-2020) with a potential for breakout indicated by market structure.. Bitcoin is coming to 60% of the market, meanwhile massive altcoins stay at relatively lower market capitalization relative to bitcoin. (keep in mind bitcoin is at ATH now and above important moving averages)
COINBASE:LINKUSDLong
by accumulationdistribution
2