Chainlink Analysis: Will LINK Drop to $8 Amidst Bullish Retreat?
Monday, 19 August 2024, 14:07
Chainlink Price Dynamics
The recent market trends suggest that Chainlink's price is struggling to maintain upward momentum. As bulls shy away, traders are contemplating the possibility of a drop to $8.
Resistance and Support Levels
- The $10.8-$11.2 zone is expected to act as a significant resistance.
- Short-sellers may find entry points around this level.
- Breaking below the $8.08 recent low could open doors for further declines.
Fibonacci Extension Analysis
The Fibonacci extension indicates a target around $6.4 if the downward trend gains strength. Market participants are advised to monitor these critical levels for potential trading strategies.
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