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Technical Analysis for LNKUSD for 11th October 2022

Chainlink in a Bear Flag, LINK Dumps 5% from $8.2

Past Performance of LINK

Chainlink is up roughly 35 percent from 2022 highs, but the token is within a rising wedge, a bear flag, and down five percent on the last trading day. From the performance in the daily chart, LINK bears are in charge. This preview would, however, shift if LINK breaks above $8.2 with expanding trading volumes pointing to changing sentiment.

LINK Technical Analysis

The primary trend, from a top-down analysis, is southwards. From this angle, the main resistance line is at $9.5, marking August 2022 highs. LINK prices are currently under pressure, dropping five percent on the last trading day. Still, LINK is within the ascending wedge, and there are increasing risks of further liquidations. Losses below $6.6 would favor sellers, and LINK could sink to $6.1, below the support trend line in a bear breakout formation. If Chainlink is to bottom-up and bulls unshackle themselves from sellers, there must be a decisive break, first above $8.2 and later $9.5. In both instances, participation should be high.

What to Expect from LINK

Traders are cautious despite LINK outperforming Bitcoin in the past few trading weeks. Overall, LINK is in a bear flag with clear caps at $8.2 and $6.6 on the lower end. As the token yields to bears, traders can wait for clean breakouts in a welcomed shift of trend (though odds are low) or bear trend continuation towards critical support levels of Q3 2022.

Resistance level to watch: $8.2

Support level to watch: $6.6

Disclaimer: Opinions expressed are not investment advice. Do your research.

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