$LINK Retreat Phase and Possible Support Signals Formation 📉 Technical Analysis
🔍 General Trend Summary:
The market is currently in the late stage of the downtrend. Between December 19, 2024 and December 31, 2024 (UTC), a descending channel has formed, with continued
Negative pressure on the price action.
⚡️ Support and Resistance Areas
Key Support Levels🔸
The range between 19.15 and 20.03 is a strong support area that should be watched carefully.
Key Resistance Level🔸
$24.75 is the main barrier for any upward attempt.
📊 Technical Analysis
Moving Averages〽️
The 7-day moving average is at $20.17, which is below the 30-day moving average
at $22.76, indicating a continuation of the downtrend.
Candlestick Patterns〽️
The appearance of the hammer candlestick pattern on January 9 reflects the possibility of support at lower levels, which
may indicate the beginning of relative stability.
🎯 Recommendations and expectations:
In the event of a decline👈
Breaking the support at $19.15 may lead to a continuation of the decline, so it is advisable to be cautious and set appropriate stop loss orders.
In the event of an increase👈
Exceeding the resistance level at $24.75 will constitute a positive signal, with the possibility of targeting
Higher levels.
Expected range for trading in the near term👈
$19.15-24.75 with the possibility of fluctuations within this range.