ChainLink Prices: An analyst warns of a possible reflection to reach – here is the reason
The link has decreased about 11 % in the last day, and now it sits at a price of $ 20.40. But trading has chosen greatly. The volume rises by 235 %, buying and selling more people.
The encryption community closely monitors LINK price movements, as the plans show mixed signals about where it may go after that. Common Crypto_jobs on x this link in the upscale correction stage. Moreover, the analyst warns of a possible decrease in prices if some levels do not stick.
Support and resistance levels set the link for the next step
The price areas of $ 17.50 and $ 17.00 appeared as strong support areas for LINK, which act as possible safety networks in the event of more declining pressure. These levels have been tested several times in the recent price movement, which enhances its importance. The decrease may lead to less than $ 17.00 to a declining momentum, as the next main level is $ 16.93.
Moreover, the LINK price needs to penetrate the resistance at $ 19.48 and 20.50 dollars to continue upgrading. The 20.50 dollar sign is especially important because it lined up with the main price level that traders see.
Chainlink Technical Analysis
Link follows up an upward trend line that arose near $ 17.00. The trend line provided this consistent support, which is a major factor in maintaining the upscale correction stage. There is a trend line that can help push the price towards the resistance points at $ 19.48 and 20.50 dollars. But if the price decreases to below this line, we may see lower Link Link support levels.
Moreover, Crypto_Jobs highlighted the opportunities and risks in its analysis. He pointed out that although the upscale correction stage suggests a potential upward trend, less than $ 17.00 on the 4H graph may lead to further decreases. The analyst also indicated that the link price may test the resistance levels before any reflection.
Also read: HEDERA (HBAR) and Chainlink (Link) risk increasing its decline as two months’ support to weaken
Market morale reflects mixed signals for Chainlink
The large trading jump shows that more traders are participating, most likely trying to determine Out of the link, the next step. Although the price is still in ascending correction, everyone is watching these main price levels of hints about the next. The next few days should appear whether the link can continue to climb or if it is due to decrease.
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