Over the past week, LINK has registered a range trend on its important support range. After the buyers' efforts brought the price of this currency to the resistance range of 9.3-10 dollars, the simultaneous profit saving of short-term buyers and selling pressure in the market forced the medium-term buyers to sell their assets. As you can see, we are generally in the descending channel in the weekly time frame and in a trading range area in the daily time frame.
The floor of this area in the range of 6.2 to 5.9 dollars has repeatedly prevented the price from falling, and this support occurred again in the last encounter. But the most important thing about the last encounter is that the penetration of the price inside this range is a sign of possible breaking of this level and the possibility of falling to the bottom of the descending channel in the range of 4.5 to 5 dollars. In the 4-hour time frame, you can consider a downward trend line for possible reversals. By breaking this dynamic resistance, the possibility of short-term growth to the $7 range can be provided. Of course, in the condition that Bitcoin stays at least in the range trend and does not fall further.
The floor of this area in the range of 6.2 to 5.9 dollars has repeatedly prevented the price from falling, and this support occurred again in the last encounter. But the most important thing about the last encounter is that the penetration of the price inside this range is a sign of possible breaking of this level and the possibility of falling to the bottom of the descending channel in the range of 4.5 to 5 dollars. In the 4-hour time frame, you can consider a downward trend line for possible reversals. By breaking this dynamic resistance, the possibility of short-term growth to the $7 range can be provided. Of course, in the condition that Bitcoin stays at least in the range trend and does not fall further.
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LINK has recorded very good growth during the last week. The decline continued right up to the support of the $5.42-$5.57 range, and this reactionary level was met with strong demand. The potential reversal that was talked about by breaking the downtrend line happened, and we saw the price rise right up to the $7 range. The point is that the midline resistance of the long-term descending channel overlaps exactly with the $7 range.This level has been broken in the lower time frames, but in the daily timeframe, it needs confirmation and a continuing bullish candle. If the support continues, we can consider the next targets in the range of 8.11 to 8.34 dollars. If the demand does not increase in this area and the price returns below this level, the support we can consider for the link will be between $6.23 to $6.32. We expect a positive reaction from this range again. As long as this area is maintained, the price trend in the 4-hour timeframe can remain bullish.
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