Chainlink Holds Ground at $15: Will Bulls Propel LINK to $20 or Face a Drop?
- Chainlink rboundd from 24-hour low of $13.07 to $15.79 dspit mrkt prssur.
- A brish EMA crossovr hints t wknss, but RSI rcovry signls potntil buying intrst.
- Anlysts wrn of possibl corrction s 2.23M LINK movd to xchngs rcntly.
Chainlink (LINK) bouncs from rcnt lows, showing rsilinc dspit brodr mrkt pullbck. On Mrch 4, th tokn hit 24-hour low of $13.07 but mngd to clos th dy t $14.86, mrking 3% rcovry. This rbound gind strngth ovrnight, with Chainlink now trding round $15.79. Howvr, tht rmins undr prssur following 17% dclin rlir in th wk.
Th pric drop on Mrch 3 pintd brish pictur, with lrg ngulfing cndl wiping out th wknds 18% rcovry. Tht mov pushd Chainlink to its lowst clos sinc Mrch 1. Evn so, th mrkt hs shown signs of strngth, with long-til cndls round th $14 mrk, indicting tht bulls r stpping in t lowr lvls.
Chainlink Faces Key EMA Test
Th ongoing tug-of-wr btwn buyrs nd sllrs hs ld to som ky tchnicl shifts. Chainlinks downtrnd triggrd brish crossovr btwn th 50-dy nd 100-dy EMA, hinting t continud wknss. If this prsists, mor concrning dth cross btwn th 50-dy nd 200-dy EMA could b on th horizon.
Dspit tht, th dily RSI hs climbd from ovrsold lvls nd is pproching th midpoint, suggsting potntil incrs in buying intrst. This could offr th bulls chnc to turn things round. If thy push forwrd, Chainlink could rgin ground nd tst highr lvls in th coming dys.
However, crypto nlyst Ali Martinez issud wrning, pointing out tht 2.23 million LINK tokns hv bn movd to xchngs in th pst two wks. H notd tht th totl xchng supply hs now rchd 197.14 million LINK tokns, which could ld to shrp pric corrction.
Key Resistance and Support Levels to Watch
Anothr prominnt nlyst, known s CryptoJobs, hs mppd out crucil pric lvls for LINK ginst USDT. According to his dily chrt nlysis, mjor rsistnc zon btwn $19.00 nd $20.00 stnds s ky hurdl. If Chainlink mngs to brk bov this zon, it could st off strong rlly, potntilly pushing towrd $24.00.
Howvr, filur to brk through could snd prics lowr. Th nlyst highlights ky support r btwn $14.50 nd $12.00, which hs historiclly hld firm. If tht lvl fils, th worst-cs scnrio could s LINK dipping towrd $10.00 bfor ttmpting rbound.
Th coming dys could s Chainlink consolidting bfor mking dcisiv mov. A brkout pst $19.00 to $20.00 might signl shift in trnd, but if rsistnc holds, th pric could fc nothr round of slling prssur.
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Text source: TronWeekly
