LINK Technical Analysis: What Keeps The Price From Falling To $7?
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In the weekly timeframe, you can see how the LINK price hung in the consolidation, forming a red wedge. Our main scenario at the moment is a rebound of the LINK price to $20.5 over the next few weeks. A fairly positive scenario does not mean that the LINK correction, which began in May 2021, is over.
Globally, we see the price moving in a black downward trend channel. If we continue the quiet correction, we expect the final target of LINK cryptocurrency to fall at $8. It is at this point that there will be a good chance to buy LINK in the long run. If the price movements dynamics and trading volumes remain unchanged, the completion of the LINK price correction is possible in the summer.
Technical Analysis Of LINK On The Daily Timeframe
If on the daily timeframe we saw a global wedge, which reduces the volatility of the LINK price, then on the daily there is a local wedge. All this leads to the fact that there is a strong impulse of the LINK price on all timeframes. The main task of buyers to keep this impulse up is to keep control of the $11.8 mark. In the daily timeframe, we see that every update to the local low from December 2021 becomes more difficult for sellers to organize.
The fact that after updating the local low on high volumes, buyers do not organize counterattacks speaks of the trap of sellers. In our opinion, in the current wedge formation, buyers will gain positions for a sharp rebound. If we keep the $11.8 mark, we will expect the $20 main target test by the end of March. In case of total weakness of buyers near the mark of $11.8, the LINK cryptocurrency is doomed to fall to the range of $7-$8.
The LINKBTC Price Does Not Exclude A Negative Scenario
Analyzing the LINKBTC price movement on a weekly timeframe, you can see that the price is at an important price level. In the range of 0.00035 sellers in July 2019 stopped the strong growth trend for almost a year. Further, starting from March 2020, the range of 0.00035 has been the main buyers' support to date. At the moment, buyers are not interested in confidently keeping this mark. Therefore, if during the next few weeks the LINKBTC price tries and remains below the mark of 0.00035 - it will mean the continuation of depressed mood in the market for a long time.