Still, cautionary signals have emerged that caught the attention of crypto expert Ali Martinez. Bearish Signals For ChainLink In a recent social media post, Martinez raised concerns about a pattern visible on LINK’s daily chart, suggesting the potential for a substantial price correction ahead. Specifically, the analyst highlighted a possible retest of the neckline of the head-and-shoulders pattern during the recent upswing to $13. Related Reading: Mass Adoption?
Key Levels For LINK’s Price Recovery Another analyst, Crypto Ambrosio, presents similar downward scenarios for the ChainLink price in a recent analysis of key indicators. The analyst suggests that if the 20-week exponential moving average (EMA), depicted by the yellow line in the chart above, remains above the current price action, it would serve as a notable bearish signal for the token.
To counter these bearish signals, it is crucial for LINK to hold the $12 support level, as noted by the analyst. Ambrosio also believes that if ChainLink forms a Falling Wedge pattern and breaks the resistance at $15, it could signal a bullish reversal and pave the way for further price recoveries toward its yearly high of $22.89, reached in March.
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