Technical Analysis for LNKUSD for 9th November 2022
Chainlink Drops 22%, Triple Tops Form
Past Performance of LINK
LINK Technical Analysis
There is a triple top formation in the daily chart. Notably, the November 8 bar is with high volumes and wide-ranging, rejecting gains above Q3 2022 highs at around $9.5. Therefore, since the trend has been developed and fundamental factors support sellers, because fear grips the market, aggressive traders can look to unload with targets at $6.2 and later $5.2—2022 lows as they realign with the primary trend. This was established in H1 2022. Presently, losses that push LINK to print new 2022 lows will be in continuation with early this year's losses.
What to Expect from LINK
Traders are apprehensive and looking for safety. Subsequently, most, as the chart shows, are dumping the coin, contributing to the sell-off. As long as LINK is below $9.5, the token might drop to new 2022 lows.
Resistance level to watch: $9.5
Support level to watch: $6.2
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