Chainlink’s (LINK) Outlook Grows Bleak: Signals of Bearish Continuation Surface
May 14 2024 - 1:58AM
NEWSBTC
Chainlink’s LINK price is struggling to surpass the $13.80
resistance. The price could continue to move down if it breaks the
$13.00 support. Chainlink price is showing bearish signs below the
$14.00 resistance against the US dollar. The price is trading below
the $13.60 level and the 100 simple moving average (4 hours). There
is a key bearish trend line forming with resistance near $13.50 on
the 4-hour chart of the LINK/USD pair (data source from Kraken).
The price could start a decent increase if it clears the $13.80
resistance zone. Chainlink (LINK) Price Turns Red In the past few
days, Chainlink saw a steady decline from well above the $13.80
level. LINK price declined below the $13.50 support level to enter
a short-term bearish zone, like Bitcoin and Ethereum. The price
tested the $13.10 support zone. A low was formed at $13.07 and the
price recently attempted a recovery wave. There was a move above
the $13.50 level. It even jumped above the 23.6% Fib retracement
level of the downward move from the $14.30 swing high to the $13.07
low. However, the bears were active below the $13.80 resistance and
the 50% Fib retracement level of the downward move from the $14.30
swing high to the $13.07 low. LINK price is still trading below the
$13.80 level and the 100 simple moving average (4 hours). Immediate
resistance is near the $13.50 level. There is also a key bearish
trend line forming with resistance near $13.50 on the 4-hour chart
of the LINK/USD pair. The next major resistance is near the $13.80
zone. A clear break above $13.80 may possibly start a steady
increase toward the $14.00 level. The next major resistance is near
the $14.35 level, above which the price could test $15.50. More
Losses? If Chainlink’s price fails to climb above the $13.50
resistance level, there could be a fresh decline. Initial support
on the downside is near the $13.10 level. The next major support is
near the $12.80 level, below which the price might test the $12.20
level. Any more losses could lead LINK toward the $11.50 level in
the near term. Technical Indicators 4 hours MACD – The MACD for
LINK/USD is gaining momentum in the bearish zone. 4 hours RSI
(Relative Strength Index) – The RSI for LINK/USD is now below the
50 level. Major Support Levels – $13.10 and $12.80. Major
Resistance Levels – $13.50 and $13.80.
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