Chainlink (LINK) is approaching a key level on the daily timeframe.
The price is still adhering to the long-term downtrend line, while also holding above the key support level of around $7.00.
A confirmed break above the trendline, followed by acceptance above the resistance of $8.90, could shift the market structure in favor of buyers, opening the door to a move towards the $14.20-$14.35 area, bringing in almost 60% upside.
On the other hand, a loss of the $7.00 support level would invalidate the bullish scenario and increase the likelihood of a decline towards the $4.80 demand area.
As always, confirmation is more important than prediction. I will be monitoring the price reaction at these key levels before considering any of the scenarios.
This is my view, do more research before entering your own trade.
The price is still adhering to the long-term downtrend line, while also holding above the key support level of around $7.00.
A confirmed break above the trendline, followed by acceptance above the resistance of $8.90, could shift the market structure in favor of buyers, opening the door to a move towards the $14.20-$14.35 area, bringing in almost 60% upside.
On the other hand, a loss of the $7.00 support level would invalidate the bullish scenario and increase the likelihood of a decline towards the $4.80 demand area.
As always, confirmation is more important than prediction. I will be monitoring the price reaction at these key levels before considering any of the scenarios.
This is my view, do more research before entering your own trade.
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.