【$LINK Signal】Hold Cash Waiting for Key Support Confirmation

$LINK Weak consolidation below EMA20, daily chart remains in a downtrend channel, current rebound lacks volume and open interest support.

🎯Direction: Hold Cash (NoPosition)

Market Analysis: The 4H price was resisted at 8.55 and then fell back. RSI (43.85) is in a weak zone but not oversold. The key issue is that open interest (OI) trend remains stable and has not decreased with the price decline, ruling out the possibility of a large-scale long liquidation. It appears to be the main force slowly distributing.

Hardcore Logic: Depth imbalance (6.74%) shows buy orders piling up, but the price cannot rise. This is a typical "false support" trap. Funding rate (0.0024%) is slightly positive, with no short squeeze risk, but also no bullish momentum. Price is below EMA20 (8.469) and EMA50 (8.808), indicating a bearish overall trend.

Trading Plan: The current price is in an awkward middle position. Long positions lack structural support (wait for a pullback near the previous low of 8.16 or a strong breakout above EMA20 with increasing OI). Short positions lack the resonance of high funding rates and decreasing OI. The best strategy is to stay in cash and wait for buy signals in the key support zone of 8.16-8.25 or a rebound to the resistance zone of 8.55-8.60 with stagnation and decreasing OI before considering entry.

Trade here 👇 $LINK

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