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

$LINK Is Weakly Consolidating Below EMA20, Still in a Downtrend on the Daily Chart, Current Rebound Lacks Volume and Open Interest Support.

🎯Direction: Hold Cash (NoPosition)

Market Analysis: The 4H chart shows the price being rejected at 8.55 and then falling back. RSI (43.85) is in the weak zone but not oversold. The key issue is that open interest (OI) 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%) indicates buying accumulation, but the price cannot rise. This is a typical "false support" trap. Funding rate (0.0024%) is slightly positive, so no short squeeze risk, but also no bullish momentum. The 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 zone. Going long lacks structural support (wait for a pullback near the previous low of 8.16 or a strong breakout above EMA20 with increasing OI). Going short lacks 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 8.55-8.60 with stagnation and declining OI before considering entry.

Trade here 👇 $LINK

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