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Will LINK continue to expand to reach the new ATH or will it breakdown?

    The price of LINK has twice reached a high of nearly $ 4.9, on February 19 and March 4. Both times, it failed to rise above this level and fell with similar intensity thereafter.

    Price highlights LINK

    • Price is trading in an ascending channel.
    • The RSI has created a significant bearish divergence.
    • LINK is following a long-term ascending support line.
    • There is support at $ 3.2 and $ 2.5.

    Trader Crypto Michaël tweeted a price chart LINK saying that the outlook has begun to turn down, especially if the price loses support of $ 3.9. If that happens, he believes the price could drop to $ 2.5.

    Let's take a closer look at the LINK price chart and determine where it will be heading.

    Ascending channel

    The price of LINK may have been trading inside an ascending channel since February 8. In recent highs at the resistance line, the daily RSI creates a very significant bearish divergence. In addition, it has dropped almost below 50, which shows that the price is in a downtrend.

    The $ 3.9 level holds great importance. In addition to the sharp decline on February 25, likely due to the fall in the price of BTC, LINK did not reach a daily close below $ 3.9. If that happens, along with the movement of the RSI below 50, it means the price will break out of the channel and reach a new low.

    The link will be higher or higher after ATH 2

    Future movement

    As we zoom out, we can see that the price is also following an ascending support line, very close to the support line of the channel. Moreover, price has found support above the 50-day MA.

    This reinforces the importance of $ 3.9, as closing the decision below it will lose some important support levels.

    The link will increase or increase after ATH 3

    There are two scenarios for future movement. The price bounced at current levels and made another attempt to break out of the $ 4.9 level, or it dropped to the next support areas at $ 3.2 and $ 2.5.

    The first scenario seems to be more likely, due to the decline from technical indicators and the overall cryptocurrency market.

    In a nutshell, the price LINK made two unsuccessful attempts at a breakout above $ 4.9. We do not think it will succeed the breakout; instead, it is expected to fall towards the support areas outlined above.

    You can see the price LINK here.

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Annie

    According to Beincrypto

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