💰Technical Analysis $LINK 💰

⭐Strong Momentum:

Chainlink (LINK) has made a significant increase, currently trading at 18.23 USDT, up nearly 4.89% on the session.

⭐Support and Resistance Zones:

🔥Support: There are two major support zones located at $12.16 and $10.59, based on recent lows.

🔥Resistance: Currently, $18.22 is the area to watch as the price is testing strong resistance here.

⭐RSI: RSI is at 76.04, indicating overbought territory. This warns of a possible short-term downside correction.

⭐Other indicators:

The chart shows overwhelming buying pressure, however, when RSI is high, investors can consider gradually taking profits at this price zone.

⭐Suggested trading plan:

🔥In case the uptrend continues:

💰Entry point: Wait for the price to break through the $18.5 zone with large trading volume, confirming the breakout.

💰Short-term price target: $20-$21.

💰Stop loss: Set a stop loss below 17.0 USDT to preserve capital.

⭐In case of a downward correction:

💰Buy back point: You can wait for the price to adjust to strong support zones such as $15.5 or $14.6 to enter the order.

💰Price target: Recover to $18 - $18.5 after the correction.

💰Stop loss: Below the strong support zone of $14.

⭐Risk management:

Do not trade with a risk/reward ratio (R:R) below 1:2. Use only 3-5% of total capital for a single order to avoid large losses in case the market goes against you.