Well-Known Crypto Trader Shares His Technical Analysis for LINK

  • The trader mentioned two key weekly price levels that traders will want to keep an eye on.
  • In related news, LINK’s price has dropped more than 2% over the last 24 hours.

The crypto trader Rekt Capital (@rektcapital), tweeted his technical analysis for Chainlink (LINK) yesterday. In the tweet, the trader stated that LINK’s price is in the process of retesting a weekly support level.

He also added that should the weekly support level at around $7.786 hold in this retest, then LINK’s price will rally higher in the weeks that will follow. The trader set the upside target for this rally at around $8.80.

On the other hand, should the support level at $7.786 fail to hold, then traders will want to keep an eye on the support level at $6.278. A bounce off of this level will see LINK’s price consolidate between $6.278 and $7.786 in the 2-3 weeks that will follow.

At press time, the price of LINK is down 2.72% over the last 24 hours according to CoinMarketCap. As a result, LINK is currently changing hands at $7.97. LINK’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 4.84% and 3.39% respectively over the last 24 hours.

The price of LINK is resting on the daily support level at $7.917. Should it break below this level before the end of today’s trading session, then LINK’s next target will be the support level at $7.506.

The daily RSI indicator on LINK’s chart suggests that LINK’s price has reached a peak, given that the daily RSI line has formed a peak and is now sloped slightly negatively towards oversold territory.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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