Chainlink (LINK): Technical Analysis Report | 24th-November-2022

Those who invested in crypto around 2019 and 2020 remember the massive growth of Chainlink (LINK). “LINK Marines” was a well-known meme throughout the crypto world at the time. It mainly indicated to those who bought during the dip, propelling Chainlink (LINK) to new all-time highs. After reaching its highest value in 2020, the token has faced a downtrend. Having been stuck in the same area for quite some time, only a few vendors are left in the market. Therefore, it is a confirmation that the price will not decrease significantly in the coming months unless BTC goes down further. The price is up by around 3% while the volume has fallen by almost 17%.

At the time of writing, LINK was trading at $6.71

Chainlink Chart | 24th November 2022
Chainlink (LINK) Chart

LINK after facing multiple resistances at $9.5 witnessed a sharp correction and the prices fell almost by 42% and made the weekly low of $5.52. Post this move, the asset made a ‘Hammer’ candle at the key support level of $5 and started moving up by forming a ‘Higher High Higher Low’ pattern. Link can face resistance at $7.25 (50-Day Moving Average). If it crosses the resistance then the prices can further move up to $9.5. To witness a rally it needs to break and close above $9.5.

Support 2Support 1AssetResistance 1Resistance 2

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