Chainlink (LINK) has been putting traders to notice with its recent price movements. The digital asset has successfully cleared the $2.36 and $3.82 resistance levels, a development that has caught the attention of market watchers. This achievement signals a positive trend for Chainlink, with the next resistance levels looming at $6.60 and $7.70.
Chainlink’s price trajectory has been a topic of interest among analysts. The crypto asset attempted to find its footing at the $3.82 level for about a year, and despite breaking below it, a wick on the monthly candle suggests a bullish trend. As long as Chainlink maintains a price above $5.52, it can be seen as in a phase of accumulation, a potential precursor to a price surge.
However, the crypto market is known for its volatility, and Chainlink is no exception. Should it fall below the $5.52 level again, it could potentially plummet to around $2.73, a scenario that investors should be wary of.
In the short term, Chainlink is poised to surpass $7.07, and in the long term, it needs to break the $8.57 resistance level. The digital asset faces a significant amount of resistance, and it needs to break free from its current range and surpass $9.50 to be considered bullish. As long as it maintains a price above $5.47, it can be assumed that it’s being accumulated for a bullish reversal.
However, a fall below $5.50 could trigger an influx of sellers, pushing the price down. This is a crucial juncture for Chainlink, and the market is watching closely. As always, investors are advised to do their own research and consider their risk tolerance when investing in cryptocurrencies.
SHIB Breaks Resistance: Will the Trend Continue or Crash? Analysts Warn of Potential Price Decrease
At the beginning of July, after a dynamic month of June, SHIB is making its presence felt. The digital asset recently broke through a 4-hour resistance line, a significant achievement that has piqued the interest of traders globally. At present, the price is oscillating above this line, indicating a potential upward trend, as one of the top crypto trading analysts on TradingView explains.
The next hurdle for SHIB is the first resistance line. If the price can stabilize above this line, it could signal a bullish trend. However, the volatility inherent in the cryptocurrency market means that a failure to stabilize could lead to a false break.
A false break could have serious consequences. If this scenario plays out, we could see a price decrease towards the support line. This potential pullback highlights the importance of thorough analysis and risk management in cryptocurrency trading.
While these developments are intriguing, it’s crucial to remember that cryptocurrency trading involves significant risk. This analysis should serve as a guide, not a guarantee of profits. Traders are advised to conduct their own analysis and exercise caution before opening any positions.
The Current Downtrend
It’s worth noting that SHIB’s price is currently in a downtrend, with an 11% decrease in the last 7 days. This recent downturn underscores the volatility of the cryptocurrency market and the importance of staying informed about the latest price movements.
In conclusion, SHIB is at a pivotal point. The coming days will reveal whether it can maintain its momentum and navigate the resistance, or if a pullback is imminent. As always, the key to successful trading lies in thorough analysis, prudent decision-making, and effective risk management.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com