Chainlink (LINK) Technical Analysis:

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Daily Timeframe:

Chainlink (LINK) has experienced a breakdown of the weekly support level.
As a result, the price action is now shifting towards the 4-hour timeframe for potential support levels.
Currently, the price is moving towards the 4-hour support zone, which ranges from $17.16 to $16.75.
This support zone is expected to hold based on historical price behavior.
Upon reaching this support zone, we anticipate a temporary halt or bounce in the downtrend.

4-Hour Timeframe:

Upon reaching the support zone between $17.16 and $16.75, Chainlink (LINK) is likely to find support.
Historically, this level has acted as a strong support zone, offering buying opportunities for traders.
As the price finds support within this zone, we can expect a temporary price stabilization or a bounce.
However, it's essential to monitor price action closely for confirmation of support before considering any bullish positions.
Resistance is anticipated near $15.33, which has demonstrated significance in the past.
Once the price stabilizes and confirms support within the $17.16 to $16.75 zone, the next target would be to overcome the resistance at $15.33.
A successful break above $15.33 resistance could signal a potential reversal of the downtrend and may indicate further upward momentum for Chainlink (LINK).

Overall, Chainlink (LINK) is currently experiencing a shift in momentum from the weekly timeframe to the 4-hour timeframe, with support expected in the $17.16 to $16.75 range. Traders should closely monitor price action for confirmation of support and potential opportunities for entry or exit positions.