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HomeAnalysisChainlink's LINK Price Struggles to Break Through $13.80 Resistance, Bears Eye $13.00...

Chainlink’s LINK Price Struggles to Break Through $13.80 Resistance, Bears Eye $13.00 Support

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Chainlink’s LINK price is facing a tough time breaking through the $13.80 resistance level, with bears eyeing the $13.00 support as a potential target. The price has been trading below the $13.60 level and the 100 simple moving average (4 hours) for some time now, indicating a bearish trend.

The price has been forming a key bearish trend line with resistance near $13.50 on the 4-hour chart of the LINK/USD pair. This trend line is a key level to watch, as a break above it could signal a potential reversal in the trend.

Source: LINKUSD on TradingView.com

However, if the price fails to break through the $13.80 resistance, it could continue to decline towards the $13.00 support level. A break below this level could lead to further losses, with potential targets at $12.80 and $12.20.

Technical indicators are also pointing to a bearish trend. The MACD (Moving Average Convergence Divergence) is gaining momentum in the bearish zone, while the RSI (Relative Strength Index) is below the 50 level, indicating that the price is oversold.

For Chainlink’s price to start a decent increase, it needs to clear the $13.80 resistance zone. A break above this level could lead to a steady increase towards the $14.00 level, with potential targets at $14.35 and $15.50.

In conclusion, Chainlink’s LINK price is struggling to break through the $13.80 resistance, and bears are eyeing the $13.00 support as a potential target. A break above the $13.80 resistance could signal a potential reversal in the trend, while a break below the $13.00 support could lead to further losses.

Source: NEWSBTC

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