- Chainlink’s LINK token is currently facing significant resistance at the $13.80 mark, making it difficult to generate upward momentum.
- Currently priced at $13.41, LINK needs to maintain its $13.00 support level to avoid a downward trajectory.
- If LINK can break through the $13.80 resistance, it could potentially initiate a strong upward trend.
Chainlink’s LINK token is struggling against a significant resistance level. This article discusses the immediate challenges and potential future for the cryptocurrency.
What Are Chainlink’s Immediate Challenges?
In recent trading sessions, Chainlink’s LINK token has been on a downward trend, struggling to surpass the $13.80 resistance. The token’s price has slipped below $13.50, a level that was crucial for maintaining a short-term bullish outlook. Despite testing at $13.10 and briefly recovering to above $13.50, bears remain active below $13.80, keeping LINK under pressure. The immediate resistance is identified near $13.50. A break beyond the $13.80 resistance could potentially trigger a rally towards $14.00, providing some relief to investors.
Will Chainlink Fall if $13.50 Resistance Holds?
If LINK fails to breach the $13.50 resistance, a new downtrend could emerge. The primary resistance is currently pegged at $13.50. Failure to surpass this level may result in a pullback to the initial support around $13.10. A fall below this support could push the price further down to $12.80 and potentially to $12.20.
Key Takeaways for Investors
Immediate resistance is at $13.50, with $13.80 being a critical level for upward momentum. Potential support levels to watch are $13.10, $12.80, and $12.20. Technical indicators show bearish momentum, suggesting continued selling pressure. A breach of the $13.80 resistance could lead to a rise towards $14.00. The technical indicators, including the 4-hour MACD and RSI, are currently bearish for LINK/USD. The MACD is gaining momentum in the bearish zone, while the RSI is below 50, signaling persistent selling pressure. Investors should closely monitor these resistance and support levels to make informed decisions.
Conclusion
Chainlink’s LINK token is currently facing significant resistance, making it difficult to generate upward momentum. However, if it can break through the $13.80 resistance, it could potentially initiate a strong upward trend. Investors should closely monitor these resistance and support levels to make informed decisions.
