Hoping for LINK to recover? You may want to read this…
After consolidating between $6.24 – $6.80 for most of May, LINK broke below the range, smashing the 2021 lows of $5.30. The drop eased at $4.761 before attempting a recovery, but the mild rally is headed into a key bearish zone.
A Fibonacci retracement tool was placed between the high at the end of April and the recent low. Based on the tool, the pocket between 23.6% and 38.2% Fib levels is a key resistance area because it aligns with an FVG of $5.3 – $5.93 . Hence, a negative price reaction at the above zone could set LINK to devalue to $5.4 or $4.76. Any move below the 2021 lows could head to $4.1.
Conversely, a session close above the 50% Fib level could offer bulls a slight edge. However, the H12’s market structure will remain bearish unless LINK moves above the 78.6% Fib level . There was notable buying pressure from 10 June as Relative Strenght Index climbed above the oversold zone. Similarly, the Chaikin Money Flow crossed the zero mark, indicating a surge in capital inflows for LINK.The weak bullish momentum seen on the price charts was confirmed by the sluggish rising Cumulative Volume Delta . It shows buying volumes registered a slight uptick from 10 June.But the open interest rates declined from >$110 million to below <$80 million in the same period.
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