Following last week’s surge amongst altcoins, Link ended its multi-week correction and registered huge gains but buying later cooled off after facing a key level. It appeared weak while trading calmly daily.
Last week’s trading saw a few altcoins bounce back from their lows with Link, which posted gains throughout the week. Unfortunately, the $27 level acted as resistance for the bulls and the buying pressure halted.
That bounce brought a new shift – although it is yet to be confirmed with a break – and the bias quickly turned bullish again after a month. Bearish sentiments have faded away as volume flows back into the market.
However, several attempts to bridge the resistance level this week failed and the price slipped briefly to where it is changing hands at around $25. A further decrease could bring a pullback at $20 before rising back. Losing the monthly low level could result in a serious dip to $11.
Looking at the overall market, the price is favouring the bulls. Retaking the immediate resistance level should bring a full recovery in the market before breaking out to a new high. The price may look weak on a daily scale, but the bulls are still in charge from a long-term perspective.
LINK’s Key Levels To Watch
Source: Tradingview
If a pullback occurs, the key level to consider for a rebound is $20.7. Below it lies the monthly low of $17.9. A breakdown from there could plunge the price to $16.1 or even lower.
Because Link is still bullish, we can expect a push through the $27 level to retake the $31 resistance, marked in December. A break above there could rally the price to $33 and potentially $40 in no time.
Key Resistance Levels: $27, $31, $33
Key Support Levels: $20.7, $17.9, $16.1
- Spot Price: $25
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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