BTC We experienced a time-lapse replay of the last few months in August. The price is still below $60,000 at the time of writing. Heavy rises followed by rapid declines have long been a classic in crypto. So altcoins What is the latest situation for? Although Chainlink (LINK) made a new attempt to rise, it could not stay there. So what’s next?
Chainlink (LINK)
On August 26th LINK Coin price It jumped to $12.55 and investors were excited about the upward breakout. Unlike the last bull season, expectations are higher this season as the LINK Coin benefit has increased due to the stake pool. On the other hand, ongoing partnerships and studies in the RWA field have positively affected long-term investor appetite. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
The price, which fell 17 percent in 30 days, formed a symmetrical triangle. This formation can trigger an increase or decrease depending on the price development. If the triangle is broken out, we can see a strong rally with an upward break. Conversely, if the LINK Coin price breaks down, it may continue its stuck movement.
The price formation, which held the $9.95 support level at the beginning of the week, had a good opportunity to break above. However, the resistance at $12.55 dragged the LINK Coin price down as the general market sentiment quickly turned negative.
The price is above the Ichimoku Cloud as we look at it and $11 could be challenging for LINK Coin bulls in the short term.
LINK Coin Price Prediction
Looking at the daily chart, the spot price is close to the EMA20 level. LINK Coin There is no clear advantage in terms of the possibility of a breakout on the daily chart. The Fibonacci retracement indicator also draws attention to the resistance at $ 12.33. Considering the weakness in the BTC price and the lack of buyers for LINK Coin, we can say that the spot price can move downward more easily.
Potential support is at $10.71, and if this is lost, a new drop to $9.95 may be attempted. On the other hand, a significant improvement in the general market sentiment or a major development in LINK Coin in particular may target the $13.65 resistance. The best news the team can give is a significant expansion of the current stake pool. This may convince long-term investors to accumulate more.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
