The LINK currency is currently trading near $24.3 after a strong movement in the past few days, where it rose by more than 25% over the course of a week driven by new liquidity influx and noticeable movements from major investors.
Technical indicators:
The RSI is at 43 - 45, a neutral position leaning towards a decline, reflecting weak buying momentum.
The MACD moving averages convergence and divergence indicator shows a slight negative signal.
The StochRSI is close to the oversold area, which may indicate the possibility of a bullish rebound.
The short-term moving averages of 5 and 10 days give buy signals, while the medium-term 20 and 50 days indicate natural pressures, and the long-term 100 and 200 days still support the upward trend in the medium and long term.
Support and resistance levels:
First support at $23.9; if broken, it could open the way towards $22.9.
The main resistance is at $26.5, and breaking it paves the way to target $27 - $32.
Upcoming expectations: The positive scenario is if the price successfully exceeds $26.5 and stabilizes above it, the path is open towards $30 - $32. The negative scenario is the failure to break resistance with a break below $24, which could push LINK to retreat towards $22 - $20.
In summary, LINK reflects good upward momentum but is currently facing an important test.
Recommendation for those interested in trading LINK.
Entry point near a price rebound around $23.9 - $24.
Targets
First target $25.
Second target $27.
Third target $29.
Stop loss at $22 is necessary 📌.
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