Categories: Market

ChainLink (LINK) is turned down by 174 day resistance area, what next?

ChainLink (LINK) tries to keep its bullish structure in order to make another breakout attempt.

LINK has grown along with the rising support line since hitting a low of $ 13.38 on July 20th.

However, both times LINK was rejected from the USD 35 horizontal resistance area and then declined. Resistance has been building for 174 days since May 27th. So far it has rejected the award three times (red symbols).

After the rejection, LINK has returned to the rising support line.

Although the price responding to this line is a bullish signal, the technical indicators are showing signs of weakness.

The MACD, formed by the short and long-term moving averages (MA), is sloping down and is about to enter the negative zone. This means that the short-term MA is moving more slowly than the long-term MA and is considered a bearish sign.

The RSI, a momentum indicator, has also fallen below 50. This is also considered a bearish sign and can lead to a downtrend.

It is therefore very important for determining the trend direction whether LINK jumps below this support line or falls below it.

Daily LINK / USDT chart | Source: TradingView

Will LINK break?

Analyst @PostyXBT outlined the LINK chart and said the token is likely to rise to $ 42.50.

The source: Twitter

Although the token has fallen a bit since the tweet, it is still moving along the rising support line. Although it is a short-term ascending support line, its slope now coincides with the long-term support line outlined above.

However, similar to the daily timeframe, both the MACD and RSI are sloping down and in negative territory. This supports the possibility that LINK will collapse at short notice.

Since this line is between the Fib retracement support levels of 0.5 and 0.618, a break below it would bring LINK down to $ 22.

Until then, however, the bullish structure will remain intact.

LINK / USDT 6-hour chart | Source: TradingView

You can see the price LINK Here.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

According to Beincrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

1 hour ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

5 hours ago

This website uses cookies.