Technical Analysis for LNKUSD for 16th November 2022
Chainlink is up 20% from June 2022 lows, will LINK drop below $5.5?
Past Performance of LINK
Chainlink prices have been edging higher after losses of June 2022. As an illustration, the token is up 20 percent from June 202 lows at press time. Despite the confidence, sellers have been resilient and unwinding all attempts of higher highs, per the development in the daily chart. In the days ahead, how prices react, especially at $5.5, would shape the medium to long-term trajectory of LINK.
LINK Technical Analysis
There are attempts at higher highs in the LINKUSDT price action, visible in the daily chart. At spot rates, LINK prices are steady and within the November 9 bear candlestick. Overall, LINK is within a bear breakout formation, slumping below the multi-week trend line connecting monthly lows from June through to October 2022. The November 8 and 9 bull bars are also engulfing, cementing the preview of sellers. Per the candlestick arrangement in the daily chart, sellers can double down, targeting $5.5 whenever there are weak attempts to retest November 9 highs at $7.8. Buyers will only be in control if there are sharp, high-volume gains above $7.3 and, ideally, $9.3. If not, losses below the current consolidation at $5.5 may see LINK drop to $4.5, even lower.
What to Expect from LINK
LINK bears are in control, taking charge from an effort versus result perspective. The immediate resistance line is $7.3, while the support is $5.5. As bars band along the lower BB, Chainlink might likely register new 2022 lows.
Resistance level to watch: $7.3
Support level to watch: $5.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
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