Bitcoin

Resistance

Chainlink

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/chainlink-faces-critical-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink Faces Critical Support Levels</a><br></p>
<p style="text-align: justify">Last Friday, Chainlink (LINK) experienced a significant 13% correction that resulted in the cryptocurrency breaking key support levels, causing concern among analysts and investors. As <a href="https://en.bitcoinhaber.net/exploring-bitcoins-rising-costs-and-future-predictions-post-halving" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> grapples with prices below $70,000, market observers are keenly watching LINK’s technical indicators to understand the next potential moves.</p>
<h2 id="what-are-technical-indicators-suggesting">What Are Technical Indicators Suggesting?</h2>
<p style="text-align: justify">LINK’s price has entered a downtrend, breaking significant support at $17.40, which corresponds to the 100 EMA on the 4-hour chart. The volume profile currently peaks at $16.70. Despite entering the bullish zone at the 200 EMA on the 4-hour chart, the $16.70 and $18.00 levels pose strong resistance. Experts point to $15.60 and $14.30 as crucial support levels during this downward trajectory.</p>
<p style="text-align: justify">According to <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">technical analysis</a>, these support levels align with the Ichimoku Cloud’s significant flat lines on the 4-hour timeframe, indicating potential support zones. On a daily scale, the entry into the Ichimoku Cloud might signal a bearish trend, further supported by a relative strength index (RSI) drop from 70 to 43.</p>
<h2 id="where-does-link-stand-now">Where Does LINK Stand Now?</h2>
<p style="text-align: justify">LINK’s current positioning finds strong support at the 200-day exponential moving average (EMA). Should the price touch the lower boundary of the Ichimoku Cloud on the daily timeframe, approximately at $14.30, it would indicate a critical support point. Breaching this level and falling past the $15.60 support could herald a very bearish trend for the cryptocurrency.</p>
<h2 id="concrete-inferences-for-users">Concrete Inferences for Users</h2>
<p style="text-align: justify"><strong>Key Takeaways:</strong></p>
<ul>
 <li>A break below $14.30 could signify a continued downtrend.</li>
 <li>Resistance levels of $16.30-$16.50 are crucial for a potential bullish reversal.</li>
 <li>The RSI dropping to 43 indicates weakening buying momentum.</li>
 <li>Monitoring the 200 EMA on the daily chart is essential for predicting price movements.</li>
</ul>
<p style="text-align: justify">If LINK surpasses the $16.30-$16.50 range, it could signal an optimistic technical outlook, possibly pushing the cryptocurrency above the Ichimoku Cloud, indicating a medium-term bullish trend.</p>
<p style="text-align: justify">In conclusion, Chainlink is at a pivotal point with critical support and resistance levels that could dictate its short-to-medium-term price movements. Investors should closely monitor these technical indicators to gauge further market direction.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/chainlink-faces-critical-support-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">Chainlink Faces Critical Support Levels</a></h5>

Chainlink Faces Critical Support Levels

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