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

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 2 Support 1 Asset Resistance 1 Resistance 2
$3.75 $5.5 LINK $7.5 $9.5

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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