Chainlink’s LINK token is encountering significant resistance at the $13.80 mark, making it challenging to generate upward momentum. Presently priced at $13.41, LINK needs to maintain its $13.00 support level to avoid a downward trajectory. If LINK breaches the $13.80 resistance, it may initiate a strong upward trend.
What Are Chainlink’s Immediate Challenges?
In recent sessions, Chainlink has seen a downward trend, struggling to hold the $13.80 resistance. The token’s price has slipped below $13.50, a level that was crucial for sustaining a short-term bullish outlook. Testing at $13.10, the price briefly recovered to above $13.50, but bears are still active below $13.80, keeping LINK under pressure.
Immediate resistance is identified near $13.50. The LINK/USD pair’s 4-hour chart reveals a significant downtrend line close to this level. A break beyond the $13.80 resistance could spark a rally towards $14.00, offering some respite to investors.
Will Chainlink Fall if $13.50 Resistance Holds?
If LINK fails to breach the $13.50 resistance, a new downtrend could emerge. Currently, the primary resistance is pegged at $13.50. Failure to surpass this level may result in a pullback to the initial support around $13.10. A fall below this support could push the price further down to $12.80 and potentially to $12.20.
Key Takeaways for Investors
– Immediate resistance is at $13.50, with $13.80 being a critical level for upward momentum.
– Potential support levels to watch are $13.10, $12.80, and $12.20.
– Technical indicators show bearish momentum, suggesting continued selling pressure.
– A breach of the $13.80 resistance could lead to a rise towards $14.00.
The technical indicators, including the 4-hour MACD and RSI, are currently bearish for LINK/USD. The MACD is gaining momentum in the bearish zone, while the RSI sits below 50, signaling persistent selling pressure. Investors should closely monitor these resistance and support levels to make informed decisions.