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- MACD has generated a golden crossover, showcasing the bullish trend.
- The LINK price has witnessed rejection from the main support level.
Since March, the LINK price has failed to reach its last swing high, demonstrating the sellers’ domination. According to the chart structure, the Chainlink price has slipped below the major support level of $12.
Since November 2023, the Chainlink price has been defending the major support level of $12. It has recently triggered a breakdown from this level and dropped to the main support level of $9.
However, the price has displayed price rejection from the main support level and struggled between the $12.00 and $9.00 levels. It has gained around 30% from the recent low.
According to the technical indicators, the Chainlink price has dropped below the key moving averages, which is a bearish sign. MACD has developed a bullish crossover, but the histograms are still red.
LINK Price has Shaped a Descending Triangle and Triggered a Breakdown; What’s Next?
The Chainlink crypto price has triggered a breakdown from a descending triangle pattern. After the breakdown, it has been struggling between the $12.00 and $9.00 levels. The price has taken a pause, and both sides’ momentum can be possible.
Suppose the price bounces back and surpasses the $12 hurdle, most sellers might get trapped below the major support level. Strong buying momentum can be anticipated if the price starts trading over the 200-day EMA.
On the other hand, if the digital asset price drops below the main support level, it might be difficult for the buyers to bounce back. Sellers may become confident by seeing the price below the $9 mark, and strong bearish momentum can be possible.
The Chainlink coin traded at $10.60 with a small gain of $0.18% in the past 24 hours. Its market capitalization was $6.43 Billion, and the 24-hour trading volume was $213.44 Million.
The circulating supply was 608,099,970 LINK, and the total supply was 1,000,000,000 LINK. The fully diluted market cap was $10.57 Billion at the time of writing.
Is the LINK Price Came for Retest?
$Link is holding this line.. for the first time since many years we see a retest with a bullish reaction.. pic.twitter.com/rhkIMYVsu8
— Captain Schnurlet (@simib92) August 12, 2024
According to this source on X, the LINK price has dropped to the main support level for the retest. After many years, the price has dropped to this support line, and a massive upsurge is expected after the retest.
Will LINK Price Bounce Back or Keep Falling Ahead?
The LINK price seems to be at a crucial point, with its movements hinging on key support and resistance levels. The MACD’s Golden crossover suggests a bullish trend, but the price’s failure to reach its previous high since March indicates a dominant seller presence.
If the price surpasses the $12 hurdle and trades above the 200-day EMA, it could signal strong buying momentum. These insights suggest that the LINK price is currently in a crucial phase, and its movements in the near term will likely provide more clarity on the direction of its trend.
Technical Levels
The chart structure demonstrates that the Chainlink crypto price is expected to face resistance from the $15 and $20 levels. The crypto asset price may take support on the $9 and $6 mark.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
