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Chainlink retraces from $12 – Should buyers enter now?

Press Releases Crypto News AMB-Crypto Chainlink retraces from $12 – Should buyers enter now?

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

The breakout past a long-term range meant buyers were firmly in control of the market.
A pullback to a Fibonacci retracement level could offer an ideal buying opportunity for investors.

Chainlink [LINK] broke out of a range that had lasted for nearly eighteen months. This range extended from $5.55 in the south to $9.65 in the north. Technical analysis showed that, before the recent rally, the $8.15 region was a stiff resistance zone.

Read Chainlink’s [LINK] Price Prediction 2023-24

A recent report by AMBCrypto noted that bullish sentiment was strong behind LINK and underlined the $10 level as an important support level for buyers. Will we see a retest of this region soon, and should bulls enter the market at those prices?

The confluence between Fibonacci and breaker block levels was noteworthy

Source: LINK/USDT on TradingView

The $8.15 region (red box) was a twelve-hour bearish order block that has been flipped to a bullish breaker by the recent price action. A set of Fibonacci retracement levels (pale yellow) were plotted based on the rally from $5.73 to $12.02 that began in September.

It showed the 61.8% level lay at $8.14, close to the bullish breaker block. Therefore, a retest of this region could offer a buying opportunity. A pullback to the range highs at $9.65, as well as the psychological support at $10, could also see the uptrend of LINK resume.

The breakout past an 18-month range was a sign of strong bullish conviction. The RSI and the On-Balance Volume (OBV) signaled bulls were in control. Hence, traders co

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Author: Akashnath S

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