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Chainlink’s [LINK] Recovery in Motion? Key Levels to Watch
Unlike many of its rivals, LINK has managed to avoid a deeper correction, potentially setting the stage for a comeback. As such, investors are keenly monitoring the key levels that could either confirm or deny this upward momentum.
In recent trading sessions, LINK has demonstrated resilience by absorbing dip-buying demand with ease. While this may not guarantee a breakout just yet, it does hint at an increased likelihood of the cryptocurrency avoiding further losses. Furthermore, its exchange supply has continued to decline, plummeting to a monthly low. This trend reinforces the notion that the current consolidation could be a precursor to a significant price surge.
A notable development is the rise in retail accumulation, with 2.2 million LINK units being withdrawn at $17.80 and driving a 1.45% rebound. If this trend persists, the $17-$18 range may solidify as a firm support zone, potentially accelerating momentum and flipping the LINK/BTC pair bullish.
The stage is now set for potential FOMO (Fear of Missing Out) to take center stage, propelling LINK towards the $19 resistance mark. However, sustaining this level will be crucial in confirming the recovery. Over the past 24 hours, long liquidations have outpaced shorts by a staggering eight times as futures traders close positions, adding pressure on the market.
Despite these challenges, a 1.65% dip in Open Interest (OI) could indicate reduced speculation and potentially pave the way for a more stable uptrend. The coming days will be critical for LINK’s trajectory, as it faces a crossroads: either plummet to $15 if speculation overwhelms fundamentals or establish support and embark on an upward journey.
Investors are advised to closely monitor these key levels to gauge the future direction of Chainlink’s [LINK].
Source: ambcrypto.com
