The nigh energetic performers from the past menstruum, Tezos (XTZ) and Chainlink (LINK), are now showing a heavy retracement. Tezos corrected 32% since its local high at $3.96, while Chainlink also corrected 25% since reaching a top at $four.87.

Do the current pullbacks provide purchase the dip opportunities, or will the altcoins slide farther in the coming weeks? Permit'due south look at the charts.

Crypto market daily performance

Crypto market daily operation. Source: Coin360

Tezos tops out at $four resistance

The resistance at $4 was discussed in a previous analysis focused on Tezos and Chainlink and since then Tezos rallied towards this resistance and swiftly rejected it at this level.

XTZ USD 3-day chart

XTZ USD 3-day chart. Source: Cointrader.Pro

A rejection is non necessarily the wrong signal during such an impressive uptrend. Avails never movement upward in a directly line and they go through waves and cosmetic movements before continuing. Thus, a rejection at $4 is standard and was expected by many investors. Since breaking through $i.75, Tezos rallied 120% without any corrective moves.

Pregnant support levels can exist found at $2.50 and $1.75 which is the previous resistance level. Even so, a retracement towards $i.75 would exist a l% retracement and this type of pullback is unexpected during potent bullish trends.

XTZ USD 1-day chart

XTZ USD 1-day chart. Source: Cointrader.Pro

The daily chart of Tezos is showing a similar perspective every bit the 3-solar day chart. A articulate bearish divergence confirming a temporary trend reversal, after which the price started to trend downward.

As the chart is showing, that'southward not a bad thing. The price of Tezos retraced from $one.75 to $ane.20 in December 2022, afterward which a new higher depression was constitute, and the trend continued.

The daily chart is showing like back up levels equally the 3-day nautical chart shows, primary back up to be found at the $2.50-2.70 expanse. If that back up doesn't agree, continuation towards $one.80 is likely to occur.

XTZ/BTC looks for a retest

XTZ BTC 3-day chart

XTZ BTC 3-day nautical chart. Source: Cointrader.Pro

The Bitcoin (BTC) pair of Tezos as well shows a rejection at the small target effectually 0.0003700-0.0004100 satoshis. Such a rejection is non a bad sign, given that Tezos broke above a pregnant resistance. The price of Tezos couldn't break above 0.0002500 satoshis for eighteen months, after which a breakout led to a substantial book increase and upward trend.

What would be the nigh likely scenario here? A retest of the previous resistance at 0.0002500 satoshis would ostend the breakout if buyers are stepping in at this level.

XTZ BTC 6-hour chart

XTZ BTC 6-hour chart. Source: TradingView

The vi-hr nautical chart shows a heavy retracement since the local top at 0.0004000 satoshis. The 0.0003400 satoshis level couldn't provide support, through which continuation of the downward trend happened.

The primary support levels to watch are the 0.0002950-0.0003000 satoshis level and the 0.0002500-0.0002550 satoshis level. Personally, I'd be mainly watching the everyman one, given that the 0.0002500 satoshis level used to be massive resistance.

Withal, if the 0.0002950 provides sustainable back up, a potential bounce towards 0.0003450 is likely to occur. This test will decide whether Tezos is continuing the up trend or whether this level confirms resistance, and so downward continuation towards 0.0002500 satoshis is on the table.

Chainlink retracing for a potential support/resistance flip

LINK USDT 1-day chart

LINK USDT 1-day chart. Source: TradingView

Chainlink retraced heavily in the by week, every bit information technology couldn't break above the previous high at $4.58. An additional reason for the retracement could be the weak movements with Bitcoin (BTC), which doesn't provide a bullish market sentiment.

Still, the nautical chart is not bearish at all. Tezos was heavily due for a retracement, through which Chainlink is showing a like structure as it rallied 180% in 2022.

The price of Chainlink is looking for back up in this retracement. The next primary support level is the $3.50 level.

Flipping the $3.50 level for support would mean another support/resistance flip and likely continuation to the upside, or at to the lowest degree a retest of the $four.58 resistance surface area. Traders should also lookout man the daily shut today.

If Chainlink closes above the $three.75 level, the resistance from June 2022 is flipped support, and the retracement could be over.

LINK USDT 4-hour chart

LINK USDT 4-hour chart. Source: TradingView

The 4-60 minutes nautical chart shows an credible support loss at the $four.00 level. Losing this back up level acquired the price to drop further downwards, through which the $3.50 level is the master back up level.

Over the curt term, the resistances are found through the $3.85 and $4 levels. A surly rejection at either of these levels would hateful continuation downwards, through which the $iii.50 level is the main support level.

However, breaking these levels to the upside would mean that the retracement could be done. Information technology is essential that these levels become support, which could trigger continuation upwards.

LINK/BTC at crucial support

LINK BTC 1-day chart

LINK BTC 1-day chart. Source: TradingView

The daily timeframe shows a definite retracement since the local height, which ways that it's approaching a significant level. Two back up areas tin be determined from this chart, through which 0.00039000 satoshis is the first level.

The chief support is establish at the 0.00037000 satoshis level as that'south previously found to be the resistance. This level was broken to the upside before this year, significant a retest could trigger buyers to step in and provide a 'buy the dip' opportunity.

However, losing that level would trigger a continuation of downwards pressure and classify as a weak motility.

The views and opinions expressed here are solely those of the author and practise non necessarily reflect the views of Cointelegraph. Every investment and trading move involves adventure. Yous should conduct your own enquiry when making a decision.