Technical Analysis of LINK/USDT Pair:
1. Overall Trend:
• It appears that the price has been in a downtrend within a descending price channel indicated by the blue lines.
• There is a slight breakout from the downtrend from below, which may indicate the beginning of an upward attempt.
2. Support and Resistance Levels:
• Main support: around 10.15 USDT, which is a strong support level.
• Near resistance: at the level of 15-16 USDT, which represents the upper limit of the channel.
• Most important resistance: at 20.04 USDT, which is a strong horizontal resistance level.
3. Volume and Volatility:
• The trading volume appears to be average and there is currently no strong buying momentum, which means that confirmation of the rise requires a strong breakout at a high liquidity level.
Recommendation:
• If you wish to enter, wait for confirmation of the breakout of the descending channel and close above 15-16 USDT.
• If the price fails to rise, it may return to test the support at 10.15 USDT, which could be a long-term buying opportunity.
• It is recommended to place a stop loss if the price drops below 12 USDT to avoid significant risks.