Chainlink (LINK) recently experienced a downward trend, reaching a low of $18. However, the price has slightly rebounded, focusing attention on key resistance levels.
Current LINK Situation
The price of LINK is currently trading at $19.10, reflecting a modest recovery from its recent low. The support level at $18 has proven significant, preventing further downside. However, resistance near $23 remains a major hurdle.
Potential Reversal Signals
The TD Sequential indicator signals critical reversal points, highlighting exhaustion in previous price peaks. The number '9' appeared twice, marking local tops before bearish moves. Additionally, a 'S13' sell signal confirmed a bearish setup before the recent decline. Despite these signals, the market shows early signs of a potential shift in momentum.
Possible Continuation of the Downtrend
A highlighted section on the data suggests the early stages of a TD Sequential buy setup. Green numbers '1' and '2' indicate possible upside momentum forming. If LINK maintains support above $19, it could target $21 or higher in the short term. Nonetheless, key resistance levels extend to $26 and $28, with the strongest barrier near $30.
Despite a short-term bounce, the overall trend remains bearish with lower highs and lower lows dominating the market. If LINK fails to reclaim key levels, another retest of $18 remains likely.
