Chainlink witnessed the rejection of prices at the main resistance level this week, and the pressure on its momentum was in the short term.
The correlation scheme shared by the market analysts explains that assets that failed to close over the $ 13.82 sign, which is a specific area by a traditional level of 0.618 fibonacci.
The Crypto Cryptochiesfs account has published a summary update (previously Twitter), which described the step as “rejecting +3 %”, and pointed to the end of the last batch.
The rejection followed a modest rally at the lowest local level at 10.92 dollars, as the binding price began with a short -term recovery. This upward structure has so far failed to break the resistance area, which is now seen as the main obstacle to the gains.
Holding Resistance Company near the level of 0.618 from Fib
The Rrecking Fibonacci, applied from the highest level of $ 15.62 to $ 10.92, is at $ 13.828 as a zone of 0.618.
Traders often see this area as a potential turning point in price movement. The association price reached this level during the past few sessions, but it failed to close it. A shaded gray area works between about $ 13.70 and $ 13.82 as a supply resistance.
The last movement was met up to the sale of the sale, which led to a decrease of 3.88 % over a period of three days. Unless the price is able to restore and close this level, the preparation of the graph prefers the continuation of the broader downward trend.
Support levels and price structure
Support link sits a little less than the current levels. Immediately supportive support appears about $ 13.16, while the 12.00 dollar range to $ 12.50 can provide additional stores on the downside.
The lowest long -term level remains at $ 10.92 and represents the current domain base. The correlation price has evolved into a corrective channel within the broader landmark. As long as $ 13.82 holds resistance, buyers may struggle to build momentum.
Also read: Chainlink holds $ 13 as a momentum building – can the association price reach $ 32?
Trend and market preparation
The price structure remains defined by lower altitude and low decline since mid -May. While the current recovery shows some strength, it lacks the confirmation of the reflection of the direction.
The expected step that technical stocks indicate indicates a possible decrease if the refusal continues to resist.
The daily closure of more than $ 13.82 may turn feelings and open the path towards the higher decline levels at $ 14.17 and $ 14.44. Until then, Cooking price deals within a narrow rangeTest of buyers and sellers.
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