LINK/USDT Technical Analysis in Weekly Timeframe.

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Now, let’s dive into this chart analysis:

The LINK/USDT weekly chart presents a technical analysis highlighting key levels and potential future movements. The update covers a multi-year perspective, focusing on critical support and resistance levels, trendlines, and possible price action patterns.

Key Highlights:

~ All-Time High Resistance: The chart marks the all-time high resistance level at $53, setting a target for the bull run.
~ Symmetrical Triangle Formation: The price action since the all-time high in 2021 has formed a symmetrical triangle pattern. Since last March 2024, it has rejected forming a consolidation pattern.
~ Strong Supporting Trendline: Since September 2019, LINK has respected a strong ascending trendline, which has acted as a critical support level through various market cycles. This trendline's integrity is essential for maintaining the long-term bullish structure.
~ Consolidation Zone: The green highlighted area between $7 and $9.5 signifies a significant consolidation zone where LINK has found strong support multiple times. This zone is important for price stabilization and potential accumulation.
~ Price Projection: The chart suggests a possible price decline to the lower end of the consolidation zone ($7) before a potential rebound. This projection aligns with the symmetrical triangle's support, reinforcing the importance of this level.
~ Relative Strength Index (RSI): The RSI indicator at the bottom shows a gradual recovery, currently around 47.11. A move above 50 could signal increasing bullish momentum although there is still room for further decline toward the oversold zone below 30.

Sweet Entry for LINK: $6 to $8.

Conclusion:
The LINK/USDT chart presents a mixed outlook with the potential for both bullish and bearish outcomes. The blue dotted line along with 100EMA holds good support for LINK. A breakdown below this will likely continue the consolidation.

DYOR.

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