2024

Chainlink

PEPE

Time

Coin

<p><a href="https://captainaltcoin.com/this-crypto-trader-predicts-chainlink-link-price-to-explode-by-200-but-heres-the-catch/" target="_blank" rel="noopener noreferrer nofollow">Chainlink (LINK)</a> has been consolidating within a crucial support zone, with the price hovering near the $10.50 mark. This level has become key, as LINK faces the challenge of maintaining its position while approaching a primary downtrend resistance.&nbsp;</p>
<p>According to Crypto Rand, the next two weeks could be pivotal in determining LINK’s short-term trajectory, as the market awaits a decisive move.</p>
<h2 class="wp-block-heading" id="strong-link-s-crucial-support-strong"><strong>LINK’s Crucial Support</strong></h2>
<p>For Chainlink, the $10.50 support level has shown to be crucial in recent months. Time and again, this horizontal support line has given the price a base and stopped further drops.&nbsp;</p>
<p>The chart shared by Crypto Rand indicates that <a href="https://coinmarketcap.com/currencies/chainlink/" target="_blank" rel="noopener noreferrer nofollow">LINK is currently testing</a> this support once again, with the price action consolidating within a lower range. This support level has held firm since late August, with LINK bouncing off it multiple times.&nbsp;</p>
<p>What will matter, though, is how the market responds to this level in the upcoming days. If the $10.50 support successfully holds, the present downward trend may reverse.&nbsp; If it is not held, additional downside concerns may become apparent.</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24LINK&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$LINK</a> continues consolidating on the lower range. <br><br>This is a key support to defend while approaching the main downtrend resistance…next 2 weeks should be decisive: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/CSxbi4r3ds" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/CSxbi4r3ds</a></p>— Crypto Rand (@crypto_rand) <a href="https://twitter.com/crypto_rand/status/1830955038493286534?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 3, 2024</a>
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<h2 class="wp-block-heading" id="strong-downtrend-resistance-remains-a-key-barrier-strong"><strong>Downtrend Resistance Remains a Key Barrier</strong></h2>
<p>The chart by Crypto Rand also shows the presence of a downtrend resistance line, which has been restraining LINK’s price movement since June. This downward trendline has served as a barrier, preventing LINK from making a sustained higher advance.&nbsp;</p>
<p>Each time the price neared this resistance, it encountered selling pressure, resulting in additional drops. As LINK continues to consolidate, downtrend resistance remains a challenge.&nbsp;</p>
<p>The next two weeks, as emphasized by Crypto Rand, are expected to be decisive as the price approaches this trendline once more.&nbsp;</p>
<p>A breakout above the downtrend resistance could signal a shift in market sentiment and potentially trigger a move towards the $12 to $13 range. Conversely, if LINK fails to break above this resistance, it may continue to face downward pressure.</p>
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<h2 class="wp-block-heading" id="strong-volume-and-stochastic-rsi-indicators-strong"><strong>Volume and Stochastic RSI Indicators</strong></h2>
<p>The volume analysis on the chart suggests that the price action in LINK lacks the conviction needed for a decisive move in either direction. There have been no noticeable spikes or divergences in the trade volume, which has been comparatively steady.&nbsp;</p>
<p>This suggests that those involved in the market are waiting for a trigger that might cause a breakout or collapse.</p>
<p>The Stochastic RSI indicator at the bottom of the chart indicates that LINK may be in oversold area in addition to the volume analysis. Both the %K and %D lines are positioned near the lower end, which could indicate a potential short-term bounce.&nbsp;</p>
<p>However, the absence of volume during this consolidation phase suggests that any potential bounce could be limited unless accompanied by a shift in market sentiment.</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/here-are-5-reasons-why-bitcoin-btc-price-will-explode/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Here Are 5 Reasons Why Bitcoin (BTC) Price Will Explode</em></strong></a></p>
<h2 class="wp-block-heading" id="strong-potential-scenarios-for-chainlink-strong"><strong>Potential Scenarios for Chainlink</strong></h2>
<p>As Chainlink hovers near this critical juncture, several potential scenarios could unfold in the coming weeks. If the $10.50 support level holds, LINK may see a relief rally, testing the downtrend resistance around the $12 to $13 range.&nbsp;</p>
<p>A breach over this resistance level could indicate a positive turnaround, potentially leading to more gains. If&nbsp; LINK is unable to maintain the $10.50 support, there may be additional selling pressure.&nbsp;</p>
<p>On the other hand, more selling pressure can arise if LINK is unable to hold the $10.50 support.&nbsp;</p>
<p>Pricing may revert to $8.00 or $9.00 in the future. LINK’s future trajectory will be determined by closely observing market activity and technical levels over the next two weeks, as to Crypto Rand’s chart.</p>
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<p>.</p>
<p>The post <a href="https://captainaltcoin.com/chainlink-nears-key-support-next-2-weeks-will-be-decisive-for-link-price/" rel="noopener noreferrer nofollow">Chainlink Nears Key Support: Next 2 Weeks Will Be ‘Decisive’ For LINK Price</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Chainlink Nears Key Support: Next 2 Weeks Will Be ‘Decisive’ For LINK Price

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