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Quick analysis of the situation
Ah, another day, another cryptic twist in the world of Chainlink (LINK). This week, the cryptocurrency is doing the financial equivalent of the cha-cha, dipping and rising as if it’s rehearsing for a Broadway show. With its recent dance moves, LINK is now testing a crucial support zone that could either make or break its current trend—no pressure!
Chainlink Loses $25 Support
Just like that friend who can't decide what to order at brunch, Chainlink began the week with indecision, dropping a stylish 10% on Monday into the local range lows. It climbed to a high of $27.87 last Friday, flashing its dazzling peak, but quickly realized it was just a false promise—cue the dramatic fall back to the $25.5-$26.5 zone over the weekend.
And what’s a good thrill ride without a little drama? The notorious $25 support level has been lost, dropping to around $23.5. It seems like an unfortunate case of “goodbye support, hello bumpy road!” Fortunately, analysts over at AltCryptoTalk are willing to place their bets, saying if LINK can hold above the $23.5 level, the overall sentiment remains bullish. So, in the gloomy financescape, there's a glimmer of hope as trend-followers set their sights on potential long setups on any bearish corrections—because who doesn’t love a comeback story?
Let’s raise a toast to the fact that Chainlink remains “secure, efficient, and decentralized”—traits that could still bolster its token’s rally, provided it can surf through this choppy sea of market fluctuations.
Is A Drop To $20 Next?
But wait, the drama doesn’t end here. Enter analyst Ali Martinez, strutting onto the scene with claims that LINK is gearing up for another test of a monumental support level before potentially launching into the stratosphere (or crashing back down, depending on who you ask). We’re talking about a four-year symmetrical triangle, folks, targeting an impressive 280% increase once it breaks out.
The stakes are high! LINK has flirted with the upper boundary of this triangle more than once, but alas, failed to solidify its position. Like an overzealous dancer who hesitates just before the big leap, Martinez suggests we may be in for one more dip before making a desperate but thrilling attempt to reach the mesmerizing $95-$100 zone.
However, the charts whisper that this dip could flirt with the $20 support level—a 15% drop from where we stand right now. Previously, analyst Rekt Capital pointed out that holding the $23.86 line is more than just a fun game of hopscotch; it’s vital for LINK’s ongoing rally. A monthly close above this level is non-negotiable for those who are keen on an upward trajectory.
With our eyes set on the finish line, one can’t help but recall Alex Clay’s proclamation that Chainlink could be the next Ethereum. He notes their chart similarities, hinting that LINK might just follow its illustrious cousin’s lead after reclaiming that ever-elusive resistance.
As we stand here today, LINK is trading at $23.52—a whimsical 8.5% drop over the week, leaving investors holding their breath. Will it recover? Will it fall flat? The answer, dear readers, is as unpredictable as the crypto market itself. But one thing is for sure: Chainlink has the potential to take us on one hell of a rollercoaster ride. Buckle up!
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Image(s) are provided by Unsplash and/or other free sources. They are illustrative and may not represent the content truly.
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Please, behave!