The daily chart for Chainlink (LINK/USDT) indicates a recent bearish trend, as highlighted by the descending trendline, with the current price at $12.995. The chart showcases a resistance level (R1) at $16.577, beyond which R2 and R3 are marked at $21.477 and a high near $22.868, respectively.
The primary support level (S1) is set at $12.205, which is crucial for maintaining the current bearish structure. If the price breaks below this support, it could lead to further declines, potentially testing lower supports not identified on the chart.
The RSI is near the oversold territory at 38.28, suggesting that the market might be nearing a point where a reversal could occur if buyers step in. The MACD is below the signal line and in the negative zone, reinforcing the bearish momentum indicated by the price action.
Traders may consider looking for buying opportunities near the support level if bullish signals emerge, such as a bullish divergence on the RSI or a crossover to the upside on the MACD. Conversely, a break below S1 might be used as an entry point for short positions, with the expectation of further declines. A break above the descending trendline and resistance at R1 could suggest a potential reversal, targeting higher levels up to R2 and R3.
The primary support level (S1) is set at $12.205, which is crucial for maintaining the current bearish structure. If the price breaks below this support, it could lead to further declines, potentially testing lower supports not identified on the chart.
The RSI is near the oversold territory at 38.28, suggesting that the market might be nearing a point where a reversal could occur if buyers step in. The MACD is below the signal line and in the negative zone, reinforcing the bearish momentum indicated by the price action.
Traders may consider looking for buying opportunities near the support level if bullish signals emerge, such as a bullish divergence on the RSI or a crossover to the upside on the MACD. Conversely, a break below S1 might be used as an entry point for short positions, with the expectation of further declines. A break above the descending trendline and resistance at R1 could suggest a potential reversal, targeting higher levels up to R2 and R3.