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LINK/USDT potential long entry around $11.403

By: Invezz

November 05, 2023 at 11:01 AM EST

LINK/USDT trading strategy

Buy/sell asset: Buy LINK/USDT
Entry price: 11.403
Stop loss: 10.66
Leverage: 2x
Take profit 1: 12.55
Take profit 2: 13.75
Take profit 3: 15.95
Timeframe: 1-2 weeks
Maximum profit: 40%
Maximum loss: 6.48%

LINK/USDT chart and technical analysis

LINK/USDT has ranged between the $10.456 support level and $11.788 resistance level since October 25th. However, the price broke above the $11.788 resistance level today and made a new high.

Overall, the price of LINK/USD has gained about 74% since October 13, and will possibly gain 35-40% further after making some retracement.

I am expecting the price will drop to $11.40 support level and 0.786 Fibonacci level before heading for new highs. I am considering the $11.40 support level for buy entry and my target for this trade is $15.95.

Chainlink (LINK) fundamental analysis

The Chainlink (LINK) surge is far from done as analysts expect the price to surge to $15.95.

LINK/USDT is among the altcoins that have witnessed a significant resurgence in recent days along with bitcoin and other major cryptocurrencies and will possibly continue their rally in the coming days.

LINK to Tether trade idea takeaways

LINK/USDT recovered 74% since last month.
The price will possibly rally to the $15.97 resistance level in the coming days.
Multiple take-profit levels have been added to secure profit along the way.
The risk-to-reward ratio on this trade is 1:6.4.
The entry and stoploss prices have been placed at secure levels with the least probability of getting hit.
Good luck!

The post LINK/USDT potential long entry around $11.403 appeared first on Invezz

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