Chainlink (LINK) is currently a significant cryptocurrency in the market. Recent activity observed on the daily chart has led LINK to close strongly above the key resistance zone at $19.5. However, upon closer examination of the 4-hour chart, the price is currently testing the support zone. A close below the $19 level could lead to testing of new support levels. Therefore, investors should closely monitor the price movements of LINK and follow critical levels.”
Looking at the daily chart, Link seems to have gained momentum in the market’s uptrend by closing above the $19.5 resistance zone and testing the area with consecutive daily closures above it.
In the scenario where it hasn’t closed below the $19 level and the market remains positive, its primary targets would be $23 followed by testing the $28.5 level.”
Despite Bitcoin being at $52,000, we can observe that many altcoins have remained relatively cheap in price.
When we examine the 4-hour chart more closely, we see that Link is currently sitting at the support zone and testing it against the possibility of this structure being disrupted. If it loses the $19 level, new support levels excluding interim support zones for a new long position could be followed by $17.40 and then, as seen on the chart, $16 levels.
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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
