$LINK Chainlink recently saw a short liquidation of $5.8347K at the price of $22.667, signaling intense activity in the market. This liquidation suggests strong upward momentum, but careful analysis is essential to decide the next move.

Current Situation of $LINK:

Price at Short Liquidation: $22.667

Market Sentiment: Bullish momentum due to shorts being squeezed.

Key Resistance Level: $23.50 (potential rejection area)

Support Zone: $21.50 - $20.80

What to Do Next.

Buy Zone:

Ideal Entry Price: $21.50 to $20.80

This zone offers a safer entry if the price pulls back after the recent rally. Wait for confirmation before entering.

Targets:

1. Target 1 (Short-term): $23.50

If the momentum continues, $23.50 is likely to act as the first resistance.

2. Target 2 (Mid-term): $24.70

A breakout above $23.50 could push the price higher towards this level.

3. Target 3 (Long-term): $26.50

A strong continuation above $24.70 can signal a new bullish wave, aiming for $26.50.

Stop Loss:

Risk Level: Place a stop-loss at $20.30

Below this level, the trend may turn bearish.

Technical Indicators:

1. RSI:

If overbought (>70), wait for a pullback. If neutral (50-60), the trend supports entry.

2. Moving Averages:

50 EMA (Short-term): Bullish if the price stays above $21.80.

200 EMA (Long-term): Strong support around $20.50.

3. Volume:

Increased trading volume signals strength. Watch for decreasing volume as it could indicate a reversal.

Conclusion:

This short liquidation creates a thrilling opportunity for traders. Enter cautiously near the buy zone with a proper risk-reward plan. Monitor resistance levels closely, as breaking them can lead to further upside. Always use a stop-loss to protect your capital.

Stay patient and trade wisely.

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