A Technical Look at Chainlink (LINK) and POL (prev. MATIC) as Both Consolidate

Chainlink (LINK) and Proof-of-Liquidity (POL) , previously known as MATIC, are under close watch as their prices stabilize. Market movements suggest potential for upcoming trends. This analysis aims to uncover the signs pointing to possible growth, keeping investors intrigued about which cryptocurrency might be gearing up for a breakout. Chainlink Market Update: Key Levels and Downtrending Signals Chainlink ’s price fell sharply over the past month, dropping by 28.70% and declining by 51.34% over the last six months. A weekly decline of 9.25% adds to the overall bearish trend. Price action during these periods shows strong selling pressure and limited recovery, as the asset struggles with ongoing market weakness and negative technical signals. Chainlink is trading within a defined range, supported at $10.30 and resisted at $19.80. Bears dominate as indicators like -1.63 on the Awesome Oscillator and -2.05 momentum reading confirm downward pressure. With a relative strength index at 33.13 indicating weak buying interest, the technical outlook remains bearish. Traders might look to short near the upper resistance on a spike, while a dip to $10.30 could provide opportunities for a minor rebound. Additional levels of resistance are at $24.55, with support around $5.55. Cautious entries with tight stops are advised while monitoring for sentiment shifts. POL (ex-MATIC) Faces Bearish Drift with Key Technical Levels in Play POL price declined by 31.10% over the past month and 65.50% in the last six months. The weekly drop of 13.07% indicates consistent bearish action. The coin traded between $0.18 and $0.26, with sell-offs testing key price boundaries. Historical moves show that downward pressure emerged rapidly, with prices unable to sustain above resistance levels. Investors experienced a strong sell-off, and indicators like the RSI at 28.67 confirm oversold conditions, with no lasting recovery observed. Currently, the coin trades within a range of about $0.18 to $0.26, facing ongoing bearish pressure. The nearest support level is at $0.15, while clear resistance stands at $0.31. If buyers break through this resistance, an upward move could target $0.38. If the price falls below $0.15, further declines toward $0.08 may occur. Technical readings suggest bears dominate with negative momentum indicators and an RSI below 30, indicating oversold conditions. Traders should consider positions near support zones while remaining cautious of potential breaks below, given the indecisive market sentiment. Conclusion LINK and POL appear to be in a phase of consolidation. LINK shows steady support levels, while POL is also holding stable ground. Both coins have potential for upward movement if current patterns hold. Traders and investors are watching closely for any signs of breakout from this consolidation phase. Monitoring these developments will be key in understanding their next moves. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily