$LINK Plunges to $20.71 A Golden Opportunity or Further Downside? Chainlink ($LINK ) is experiencing a sharp decline, currently trading at $20.71, down 12.47%, after touching a high of $23.66 in the past 24 hours. Bears have taken the reins, but could this be a potential accumulation zone?
Key Levels to Monitor:
1. Support Zones:
$20.50: The immediate support level, holding the key to avoid further downside.
$19.67: A critical level from recent lows, acting as the last line of defense for bulls.
2. Resistance Levels:
$21.30: The first hurdle for a recovery bounce.
$22.50: A significant level to watch for reclaiming bullish momentum.
Trade Setup:
Long Trade:
Entry: Above $20.80
Targets: $21.30, $22.00
Stop-Loss: $20.40
Short Trade:
Entry: Below $20.50
Targets: $19.70, $19.20
Stop-Loss: $20.90
Market Insight:
$LINK's sharp correction has seen RSI dive into oversold territory, hinting at a potential bounce. However, the increasing volume during the sell-off suggests strong bearish momentum. Watch for a clear signal at support or resistance levels before taking action.
With volatility at its peak, this is a moment for disciplined trading and strategic entries. Will $LINK rebound or continue its slide? Stay vigilant!