Chainlink (LINK) has seen its price decline over 4.5% in the last 24 hours, falling to around $13 – a level not witnessed since early November 2023.
Technical analysis shows that following a bearish breakout from a Channel Up pattern and moving below the $14 support, LINK could be headed for a deeper correction with downside risk towards $11.80 next.
Chainlink (LINK) Price Analysis
Chainlink’s price was previously moving within a Channel Up pattern. With emerging chart patterns like this, traders who believe the price will likely remain within the channel can initiate trades when the price fluctuates between the channel’s upper and lower trendlines.
With completed patterns (i.e. a definitive breakout) – trades should be entered once the price breaks out either above the upper trendline or below the lower trendline, as the price can then accelerate rapidly in the direction of the breakout.
The momentum indicators also currently align with this bearish view. The MACD line has crossed below the MACD signal line into negative territory, while the RSI has dipped below 40 into oversold zones. This points to strong downside momentum.
In terms of key support and resistance levels, Chainlink broke below its nearest support at $14. The next major downside target lies at $11.80. To the upside, resistance is seen at $17.00, followed by the psychological $20.00 level.
Rekt Capital, a leading crypto analyst with over 300k Twitter followers, commented about LINK’s recent price action:
“Confirmed the breakdown from the Rising Wedge. Now potentially in the process of a breakdown from the red demand area. Daily Close below red has kickstarted the breakdown process. Rejection from here would flip the red box bottom into new resistance.”
His analysis suggests that LINK’s move below the rising wedge pattern and the support zone around $13 indicates that further downside is ahead, with that previous support potentially flipping to become resistance around $13 on any bounce attempts.
Despite recent weakness, it is worth highlighting Chainlink’s long-term investment merits as a leading decentralized oracle network. As adoption of real-world asset tokenization and decentralized finance applications continues, the need for high-quality data feeds and off-chain computation provided by Chainlink makes it one of the most integral crypto infrastructure projects. Its strong position in Web3 should allow it to benefit handsomely in upcoming bull markets.
Meme Kombat Presale Attracting Attention
One of the most spectacular meme coin runs of 2023 belonged to BONK, which produced staggering returns of over 10,000% at its peak in December last year. With such enormous profits achieved in such a short span, meme coin traders are now hot on the trail to discover “the next BONK” – the next outlier project that could replicate a four-digit percentage breakout.
Meme Kombat’s soaring presale raises show it is emerging as a prime contender to produce the next viral meme mania, should it capture the community’s imagination as successfully as its predecessors.
Meme Kombat (MK) is a new meme coin that is generating substantial interest during its ongoing presale, having raised over $6.3 million already. With tens of thousands tracking the project across social media platforms, it could be gearing up to deliver major returns once officially launching on Uniswap exchange in the near future.
Meme Kombat focuses on building a niche platform designed specifically to appeal to gaming and meme coin enthusiasts. It combines interactive elements like active waging and passive MK token staking to provide diverse options for earning income. This makes it uniquely positioned to engage these growing communities.
Central to its thesis is the thematic emphasis on memes – evident right from its name, Meme Kombat. In the first “season”, 11 popular memes will battle it out to be crowned the greatest meme. With plans for additional seasons and features down the line, there is huge scope for introducing new ways to get rewarded and stay engaged long-term.
Notable for presale participants, Meme Kombat allows staking straight away with extremely high 150% APY yields. By acquiring MK tokens during this early access period, users can start yield farming instantly by staking them – no need to wait for the battles or other features. This makes getting exposure a straightforward process during the ongoing raise.
True to its name, Meme Kombat facilitates battles between the most widely known meme coin mascots. As mentioned above, the starting lineup consists of 11 fighters, each with varying strengths, weaknesses, and abilities. However, unlike play-to-earn games which rely on NFTs, Meme Kombat focuses purely on staking and waging using the native MK token.
The battles themselves will be administered by an AI system handling the gaming logic and graphics rendering. It will determine the outcome of each match based on the attributes of the competing memes, along with certain in-game elements. Players simply wage on who they think will prove victorious in each fight to earn MK token prizes.
With its uniquely gaming-focused platform and mechanisms for passive income generation, Meme Kombat is attracting significant early interest.
Top crypto platforms | January 2024
The post Chainlink’s LINK Technicals Point Lower After Wedge Breakdown. Meme Kombat Targeting BONK-Style Run appeared first on BeInCrypto.