$LINK

LINK Price Analysis

Recently, the trend of LINK doesn't look good! On December 26, it directly broke below the support level of $23, indicating that the bears are applying significant pressure, and the bulls face considerable resistance in the short term.

Bears in Advantage, $20 is Key Support

Currently, the 20-day moving average ($23.6) has started to decline, and with the RSI slightly below the midpoint, both indicators suggest that the bears have a slight edge. Next, LINK may continue to probe down to the strong support level at $20. This position is crucial because if it fails to hold, it will form a complete bearish H&S pattern (head and shoulders), at which point LINK could directly head towards the $16 area near the 200-day moving average.

Bulls Need a Strong Counterattack

Of course, if the bulls want to turn the situation around, they must first break through and hold above the key resistance level of $27.3. Once broken, LINK may experience a strong rebound, targeting $31 first.

Short-term Bearish Opportunity: If LINK breaks below $20, consider going short, targeting $16, with a stop loss set near the breakout of the 20-day moving average.

Bulls Counterattack Strategy: If LINK breaks above $27.3, consider going long, targeting $31, with a stop loss set below the breakout point.