Chainlink (LINK) has recently completed a 5-wave impulsive structure on the lower timeframes, signaling the start of a classic A-B-C corrective phase. This development has invalidated the previously observed macro reversed Head and Shoulders pattern.
🔍 Technical Overview:
Current Price: Approximately $15.06 USDT.
Immediate Support: $13.45, aligning with a well-defined demand zone.
Resistance Levels: $14.20–$14.50 zone.
The correction phase suggests a temporary market weakness. If LINK's price drops below the key support and resistance zone, a swift move down towards the $13.45 level is anticipated.
📈 Long-Term Outlook:
Despite the current correction, Chainlink's fundamentals remain strong. The asset has been consolidating tightly after a solid impulse move from the $13.5 region to the $18 zone. Analysts are watching for a potential continuation setup as the price coils near a confluence of key technical zones.
🛠️ Trading Strategy:
Short-Term: Monitor the $13.45 support level. A breakdown below this could present shorting opportunities.
Long-Term: Look for bullish signals near the $13.45 demand zone for potential long entries.
*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.*
