Link is back on a sell after shedding roughly 15% loss in the last 7 days. While a rejection triggered this, it is now set for a big collapse.
The late March drops brought most altcoins back on selling mode, and as seen on the daily chart, Link has joined the party and is now footing another major leg down after posting significant losses in the past week.
Following the bearish pattern in the past months, the crypto may soon plunge to a new low. Though the selling pressure is not much at the time of writing. A significant increase in the supply level could cause a big sell-off. In this case, the key level to watch for such a drop lies at $10.
This drop should confirm a continuation of the lower high and lower low movement initiated from the $29 level last December. While this move indicates that the bears are still in charge, they may face some hurdles on the way down before locating a threshold.
Should in case the market reestablish support above the recent low, Link may foot a fresh increase and start to show signs of strength daily.
This may lead to a temporal change in the trading landscape, but a steady surge from there should bring a major trend shift. Technically, more drag down can be expected in the short term as the trend is still much more in favour of the bears.
LINK’s Key Levels To Watch
Source: Tradingview
The $11.9 level is the closest support to keep in mind. A drop below it could send the price to the $10.9 and $10 levels before recovering.
If a rebound occurs, it must retake yesterday’s $14.4 level high, along with last week’s $16 resistance. A break above it could fuel an increase to the $17.5 and $19.8 resistance levels.
Key Resistance Levels: $14.4, $16, $17.5
Key Support Levels: $11.9, $10.9, $10
- Spot Price: $12.7
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
