Chainlink (LINK) Price Analysis
LINK has fallen below $13, testing a crucial short-term support level. This drop below the critical $13.27 level could signify a loss of significant support. Previously, this level had served as a strong support for Chainlink’s price in November 2023 and January 2024.
During this period, the 50-day Exponential Moving Average (EMA) was a notable point and had reinforced the observed support level. As of today, LINK has lost the 50-EMA, currently at $17.45 per token.
the Relative Strength Index (RSI) also presents a different scenario, indicating a downturn under weak momentum. On the other hand, the current oversold 24-hour RSI could generally be considered a buying signal.
pointing to a potential 50% increase. Such a price rally could elevate LINK to around $20, potentially testing a critical resistance level above the 50-day EMA.
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