The LINK Bulls stop under a major resistance against Bitcoin after staying strong for a long time while still struggling below the key resistance level on the daily charts. In today’s Chainlink news, we take a closer look at the price analysis.
The key resistance levels for Chainlink are standing at $4.3 and $4.5 and $4.9 while the key support levels are set at $3.3, $3 and $2.52. Chainlink continued to maintain the sideways movement over the past weeks and left the market in the indecisive stage. The price then failed to continue the uptrend after facing multiple rejections at $4.3 which was marked in April. Looking at the downside, LINK held strong support at $3 and it failed the attempt to break lower. Because of this, the LINK price is now trapped within the tight range as it is now trading under $4 against the US dollar.
In the meantime, the sideways trend is now validating the slow breakdown from the 2-month rising channel and the setup could even lead to another drop if the break becomes notable. Chainlink will have to climb back above the channel to keep the bulls and buyers on track. The recent breakout will follow the sell action from the recent move of $4.3 resistance while the potential support here is standing at $3.3 which is pressuring the selling sentiment for over a week now. The $3 level will be the next major level to watch if the support fades.
Below this level, there is minor grey-marked support at $2.82 followed by the key white level and the buyers are finding their way to retest the $4.3 resistance mainly above this channel and LINK could have a breakthrough to $4.5 resistance level and it would confirm the mid-term bullish sentiment if the price surpasses the $5 mark. Chainlink’s price is still respecting the ascending channel that is forming for the past eight months and the price found support around the lower boundary of the channel which only activated the bullish double-bottom pattern.
The LINK bulls are consolidating around 43000 SAT and if the demand increases the 44780 SAT resistance could be under threat. The successful breach could send price to 52500 SAT and the 56000 SAT but LINK will face a small resistance around the green lines. The price could slip back into the grey demand of 37566 SAT if the resistance continues to hold and the support to watch below this channel is 33372 SAT.
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