- If the Chainlink (LINK) price continues to close below the level of $7.64 for 2-hour candles, it may continue its decline towards the support range of $7.244 – $7.18.
- If it encounters strong buying reactions from the support zone of $7.244 – $7.18, the LINK price can start its rise from this zone and move towards the level of $8.13.
- If it performs 2-hour candle closures below the level of $7.18, there is a possibility of continuing the downward trend until the $7 level. In this case, the next support zones are located in the range of $7 – $6.76.
According to the Chainlink (LINK) price analysis, the cryptocurrency continues its downward trend with its movement below the level of $7.64, and the specified support and resistance levels are important in this process. In this analysis, a detailed examination has been made on the critical levels and possible direction of LINK.
Medium-Term LINK Price Analysis
Daily LINK/USD Price ChartWhen we examine the technical chart of Chainlink (LINK) on a daily time frame, the downward trend has been continuing for the past 3 days. If the strong buying reactions are met at the mentioned support levels of $7.218, $7.04, and $6.86, LINK has the potential to rise from this zone and move towards the level of $8.77.
Especially the support range of $7.218, $7.04, and $6.86 is of critical importance for LINK to enter the rising trend again. If the price performs daily candle closures below this support zone, it can be expected to continue its decline towards the support range of $6.62 – $6.52.
However, if a strong rise occurs from the support range of $7.218 – $7.04 – $6.86 and the price makes daily closures above the resistance line of $8, it will indicate that LINK wants to continue its upward trend. Investors should carefully monitor these important support and resistance levels.
Short-Term LINK Price Analysis
If the Chainlink (LINK) price continues to close below the level of $7.64 for 2-hour candles, it may continue its decline towards the support range of $7.244 – $7.18.
However, if the LINK price encounters strong buying reactions from the support zone of $7.244 – $7.18, it can start its rise from this support range and move towards the level of $8.13. However, LINK must first make 2-hour candle closures above the resistance level of $7.64 in order to reach the $8.13 resistance.
If the LINK price performs 2-hour candle closures below the level of $7.18, it may continue its downward trend towards the $7 level. If the LINK price breaks below the support of $7.18, the next support zones are located at the levels of $7 – $6.76.
