**Potential Short Position on Chainlink (LINK) – Entry and Targets**
🚀 **Market Analysis:**
Currently, Chainlink (LINK) is trading in the **$11.6- $11.7** range, facing potential resistance at these levels. Analysts suggest that, while LINK has seen positive momentum recently, a possible correction may be in sight if LINK struggles to maintain above its current trading range.
💡 **Entry Consideration:**
Entering a short position around **$11.7** could be viable if LINK shows signs of bearish divergence or encounters resistance without breaking higher levels. Here’s a suggested take-profit plan based on current support zones:
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🎯 **Take-Profit Levels:**
1. **TP 1:** $11.00 – This level has acted as recent support, and the price could potentially rebound here if it declines.
2. **TP 2:** $10.50 – Further down, $10.50 could act as the next support level if LINK sees stronger selling pressure.
📉 **Risk Management:**
Setting a stop-loss is essential for this short setup. Consider placing a stop above **$12.80** or the most recent high if LINK breaks out upwards. This way, you limit potential loss if LINK unexpectedly surges past resistance.
🔎 **Additional Factors:**
Keep an eye on any Chainlink project updates or macro crypto events, especially any movements from Bitcoin. Given LINK's sensitivity to market trends and ongoing developments in the DeFi sector, broader market sentiment can influence LINK's trajectory.
Let me know if you find this helpful, and happy trading!
