Waltonchain

Chainlink

Rekt

Billion

<p>As noted by respected analyst <a href="https://twitter.com/rektcapital/status/1729171082966647201" target="_blank" rel="noopener noreferrer nofollow">Rekt Capital</a>, Chainlink recently attempted to break out above the $19 resistance but failed to close the weekly candle above this level.</p>
<p>This means Chainlink was rejected from this level, and the price dropped back within the range. Currently, LINK is testing the support and needs to hold this level to maintain the potential for continued range trading.&nbsp;</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="726" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-1024x726.png" alt="" class="wp-image-387142" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-1024x726.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-300x213.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-767x544.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-1536x1089.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-2048x1452.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-140x100.png 140w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-212x150.png 212w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-100x71.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-494x350.png 494w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794-788x558.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-794.png 680w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<p>The inability to achieve a weekly close above the upper threshold signifies a potential vulnerability for Chainlink. As the digital asset now probes the lower boundary of the red box, investors and traders closely monitor this critical juncture.</p>
<p>The ability to find solid support within this range becomes paramount for the asset’s short-term trajectory.</p>
<p>Rekt Capital underscores a key requirement for a successful retest—any downside wicks below the red box must swiftly recover back within its confines. This dynamic is crucial in affirming the resilience of the support level and instilling confidence in the sustainability of Chainlink’s current price position.</p>
<p>Read also:</p>
<ul>
 <li><a href="https://captainaltcoin.com/why-did-waltonchain-wtc-coin-price-crash-by-60/" target="_blank" rel="noopener noreferrer nofollow">Why Did Waltonchain (WTC) Coin Price Crash by 60%?</a></li>
 <li><a href="https://captainaltcoin.com/160k-cardano-wallets-buy-5-billion-ada-above-key-support-but-this-metric-signals-risk-top-analyst-reveals-critical-prices/" target="_blank" rel="noopener noreferrer nofollow">160k+ Cardano Wallets Buy 5 Billion ADA Above Key Support, But This Metric Signals Risk – Top Analyst Reveals Critical Prices</a></li>
 <li><a href="https://captainaltcoin.com/sui-near-investors-alert-why-everyones-talking-about-rebel-satoshis-explosive-presale/" target="_blank" rel="noopener noreferrer nofollow">SUI &amp; NEAR Investors Alert: Why Everyone’s Talking About Rebel Satoshi’s Explosive Presale</a></li>
</ul>
<p>So in summary, while Chainlink remains stuck between key levels, the bullish breakout attempt has fizzled out for now. Price action should be closely monitored near range support to see if the equilibrium holds. Managing risk accordingly is warranted given the potential for increased downside volatility if $6 fails to hold.</p>
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<p>The post <a href="https://captainaltcoin.com/chainlink-fails-to-close-above-crucial-resistance-link-is-retesting-this-key-support/" rel="noopener noreferrer nofollow">Chainlink Fails to Close Above Crucial Resistance, LINK is Retesting This Key Support</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Chainlink Fails to Close Above Crucial Resistance, LINK is Retesting This Key Support

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