Daily Structure Shows Pressure on Lower High Trendline
LINK traded around $13.12 on November 28, pressing against a lower high trendline that has controlled price movement for several months. The overall structure appears weak, but there’s room for potential movement toward $16 or even $20 if market strength improves. Traders are closely watching the $13.50 level as a key trigger point for short-term direction.
The daily candle showed some softness, and LINKBTC also declined, though the pair remained near that crucial trendline. This trendline has been guiding price action since early autumn, with repeated retests blocking each rally attempt. A clear break above this level could shift market sentiment and help LINK build a more bullish structure from its current position.
I think the indecisive closing price reflects the current uncertainty. We’re seeing some weakness, but perhaps we need to wait for more mature candles from LINKBTC to gain proper upside momentum. Above $13.50 looks bullish for potential long positions, while staying below this level suggests continued sideways volatility.
Key Levels and Intraday Movement
Intraday action remained relatively slow through the session, with limited impulses on the chart. The $13.50 mark stands as important intraday resistance, and a move above this could signal bullish intent, potentially opening a path toward $14.00 and eventually the $16.00 level.
Holding below $13.50 would maintain the bearish structure, with $11.80 appearing as the next major support area. This zone played a significant role earlier in the month, and breaks toward this region often triggered sharp market reactions. Traders are watching this area carefully as the weekend approaches.
The chart shows a series of equal lows forming a stable base near the $12 area, providing additional support for traders considering long setups. The downside appears limited as long as price holds above this base level.
Broader Market Outlook
Looking at the broader picture, the chart reveals a long decline that started near $20 back in September. This downtrend formed a clean diagonal line that currently meets price around the $13 zone. A break above this diagonal could potentially allow LINK to move toward $16, though progression toward $20 would require stronger market support.
Historic resistance near $30.00 from earlier in the year remains a distant marker for long-term traders, but intermediate levels at $16 and $20 would need to break first. Support levels at $12.50, $10.00, $9.50, $7.30, $6.00, and $5.00 appear clearly on the chart, representing zones from previous market cycles that traders use for planning entries and exits.
While there’s no strong catalyst driving movement at the moment, the chart structure suggests potential for a shift if the trendline finally breaks. The market seems to be waiting for that decisive move that could define the next phase of price action.
