Where to move
While the $ 32 support for LINK looks bigger once again, the token needs to resist the sale that has been experienced in the last few hours.
Using the Fibonacci Retracement tool to raise LINK from $ 22.9 to $ 35.74, some retracement levels can be highlighted as potential support levels.
Over the past few days, the $ 32.18 level representing the 23.6% retracement level served as both support and resistance on the charts.
LINK was once again approaching this level to retest the support point at the time of writing.
The RSI dropped below 50 and retested it as resistance. The MACD formed a bearish trend above zero, and there was a southward trend along with the RSI.
This indicated that the short-term momentum was shifting in favor of the bears of the market. Therefore, while the long-term market outlook is bullish, there is little potential for LINK to drop towards $ 30.
Over the longer timeframes, LINK still seemed to maintain some upward momentum. Therefore, the price response at $ 32.18 will be crucial in the short term.
A jump from this level in the coming hours indicates that an upward move is imminent, while losing this level to the bears could lower LINK towards the $ 30 level.
In case of a decrease, the price range of 30-30.4 dollars can be considered as the demand zone. However, a defense at $ 32.18 will likely point to bullish strength, due to the momentum behind LINK since its recovery from $ 30.
LINK’s market bulls must push the price higher than the previous high of $ 33.6 to break the short-term retracement Chainlink has implemented since Feb. 14. Such a move, backed by substantial trading volume, will likely drive LINK towards its all-time record of $ 36.