With the current technical conditions, Chainlink has the potential to weaken down to its nearest support level today

[Ben Graham]

[Chainlink]

With the EMA position forming a Death Cross on the 30-minute chart, it indicates that sellers are still dominating, suggesting that Chainlink will continue its decline toward the nearest support level in the near term.

Key Levels

1. Resistance. 2 : 13.32951

2. Resistance. 1 : 12.67507

3. Pivot : 12.20532

4. Support. 1 : 11.55088

5. Support. 2 : 11.08113

Tactical Scenario:

Pressure Zone: If the price of Chainlink breaks down below 11.55088, it has the potential to continue its decline to 11.08113.

Momentum Extension Bias: If 11.08113 is broken, Chainlink may continue its decline down to 10.42669.

Invalidation Level / Bias Revision:

The downside bias is restrained if the price of Chainlink strengthens and breaks above 13.32951.

Technical Summary:

EMA(50) : 12.15794

EMA(200): 12.63296

RSI(14) : 59.08

Economic News Release Agenda:

Tonight from the United States, several economic data releases will be as follows:

US - Existing Home Sales - 22:00 WIB

US - Revised UoM Consumer Sentiment - 22:00 WIB

US - Revised UoM Inflation Expectations - 22:00 WIB

The material has been provided by InstaForex Company - www.instaforex.com