LINK/USDT has started to retrace after facing resistance near yesterday’s high. The first demand zone between 13.671-13.514 is currently coming into play. A bounce here could see the short-term decline stall. On the upside, breaking back above 14.059-13.851 Fibonacci cluster would signal the correction is over. Monitor supports, demand zones, indicators, and resistance levels for signs of the next potential move.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 4-hour charts.
1 Hour Timeframe
Current Price Action and Near-Term Outlook
The LINK/USDT pair is currently trading around the 13.700 price level after retracing from yesterday’s high of 14.200. On the 1 hour chart, we can see the price falling back towards the first demand zone between 13.671-13.514 after facing resistance at the 0.382 Fibonacci retracement level of 14.059.
1 Hour MACD
On the MACD (Moving Average Convergence Divergence) indicator, we see selling pressure is still evident with the signal line below the 0 line in bearish territory. For bullish momentum to pick up again, we need to see the lines flip back above the 0 line which would indicate short-term momentum has turned positive once more.
1 Hour RSI
The RSI is currently hovering around the 50 neutral mark after falling from overbought conditions. This shows downward pressure remains in play, with readings below 50 favoring more downside. For bulls to regain control, we need to see strength return with the RSI rising back above the key 50 level.
Support and Resistance Levels
Support Zone 1 | 13.589 |
Support and Resistance Levels
Looking below, the nearest support level is the bottom of Demand Zone 1 at 13.514. Below that, strong support exists at Support Zone 1 around 13.589. Failing to hold these support levels could see the price fall further in the near-term.
Fibonacci Retracement Levels
0.382 | 14.059 |
0.50 | 13.955 |
0.618 | 13.851 |
0.786 | 13.702 |
0.882 | 13.617 |
Fibonacci Retracement Levels
Looking at the Fibonacci retracement anchored between yesterday’s high and low, we can see the 0.382 level at 14.059 provided resistance to the current move down. The 0.50 level at 13.955 is the next key support to watch followed by the 0.618 level at 13.851. Holding any of these levels on a bounce could mean the downward retracement is complete and the uptrend resumes from there.
Demand Zone
Zone Number | High | Low |
Demand Zone 1 | 13.671 | 13.514 |
Demand Zone Analysis
As mentioned, Demand Zone 1 is currently coming into play between 13.671-13.514. This zone was identified by connecting recent higher lows on the chart. If the price holds this level, it could indicate buyers are ready to step in and defend this area. A bounce off this zone would be viewed as a bullish sign in the short-term.