As a seasoned crypto investor with a deep understanding of the market, I’m keeping a close eye on Chainlink (LINK) and its current price action. The recent bearish trend below the $14.00 resistance is concerning, especially since LINK has broken down from key support levels like $13.60 and $13.50.
The price of Chainlink’s LINK token has a hard time climbing above the $13.80 barrier. A potential decline may ensue should the support at $13.00 be breached.
- Chainlink price is showing bearish signs below the $14.00 resistance against the US dollar.
The price is trading below the $13.60 level and the 100 simple moving average (4 hours).
There is a key bearish trend line forming with resistance near $13.50 on the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could start a decent increase if it clears the $13.80 resistance zone.
Chainlink (LINK) Price Turns Red
Over the last several days, I’ve observed Chainlink’s price trending downward, moving well below the robust $13.80 mark. The decline continued as the value dipped beneath the crucial $13.50 support level. This shift has placed LINK in a temporary bearish stance, mirroring Bitcoin and Ethereum‘s recent market behavior.
At the $13.10 mark, the price encountered resistance from a key support area. A new low was established at $13.07, and the price then attempted to rebound. It managed to surpass the $13.50 threshold and even went beyond the 23.6% Fibonacci retracement level of the decline from the $14.30 peak to the $13.07 trough.
Despite being beneath the $13.80 resistance and the 50% Fibonacci retracement mark of the decline from the $14.30 peak to the $13.07 trough, LINK‘s price remains unchanged above these levels, as well as below the 100-simple moving average (SMA) on the 4-hour chart.
As a crypto investor, I’m keeping a close eye on the LINK/USD pair’s price action. Right now, there’s some strong resistance forming around the $13.50 level for me. Additionally, on the 4-hour chart, I can see a bearish trend line taking shape, and that resistance line aligns with the $13.50 mark as well.
The next major resistance is near the $13.80 zone. A clear break above $13.80 may possibly start a steady increase toward the $14.00 level. The next major resistance is near the $14.35 level, above which the price could test $15.50.
More Losses?
Should Chainlink’s price be unable to surpass the $13.50 resistance point, a potential new drop may ensue. A preliminary floor for the price can be found at approximately $13.10.
In simpler terms, the price of LINK could potentially drop to around $12.20 if it breaks the current support at $12.80. Further declines might push the price down to the $11.50 mark in the short term.
Technical Indicators
4 hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI for LINK/USD is now below the 50 level.
Major Support Levels – $13.10 and $12.80.
Major Resistance Levels – $13.50 and $13.80.
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2024-05-14 10:16