"The main goal for LINK here is to retest the top of the pattern to secure a successful post-breakout retest,” Rekt Capital detailed, adding, "It’s possible this is a volatile post-breakout retest.” LINK Needs To Hold This Level Rekt Capital pointed out that, historically, Chainlink has had downside deviations into this price range: "Back in mid-2021, LINK produced a downside deviation into this price area in the form of multiple Monthly downside wicks.” Nonetheless, the cryptocurrency is downside deviating "but in the form of actual candle-bodies closes rather than downside wicks” this time.
The analyst concluded that if LINK closes the month above the triangle top, it "would position price for a successful retest, despite the downside deviation.” As of this writing, Chainlink trades at $14.09, a 6.9% drop in the monthly timeframe.
Amid its recent price performance, the cryptocurrency is retesting the channel’s lower boundary, suggesting a bounce to the upper range could come if it holds its current price levels.
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