LINK has had a rough time since May 2021 and has fallen >50% from its ATH. Despite the fall, the chart confirms clear long-term support since March 2020 (almost 2 years!). It has recently bounced from the lower trend line so it can continue upward within the triangle and meet the descending trend line as resistance.
In the mid-term the price can bounce within the triangle (unless a bullish breakout occurs earlier) until it decides which way to go. With the ~2 year support line I think a breakout is more likely but I will revisit as/if it approaches that area. Potential mid-long term targets are marked on the chart based on resistance points.
With this being a long-term hold entering through DCA will reduce the risk.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
In the mid-term the price can bounce within the triangle (unless a bullish breakout occurs earlier) until it decides which way to go. With the ~2 year support line I think a breakout is more likely but I will revisit as/if it approaches that area. Potential mid-long term targets are marked on the chart based on resistance points.
With this being a long-term hold entering through DCA will reduce the risk.
Please note I am not a financial advisor and this is not financial advice. All ideas are for educational purposes only :)
Please feel free to leave your comments, questions and thoughts below!
