Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

Chainlink (LINK) Bulls Facing Uphill Task: Here’s Why $11 Holds The Key

NewsBTC by NewsBTC
September 30, 2020
in Analysis, crypto, LINKBTC, LINKUSD, linkusdt
0
Chainlink (LINK) Bulls Facing Uphill Task: Here’s Why $11 Holds The Key
0
SHARES
5
VIEWS

Chainlink (LINK) started a strong upward move from the $7.32 low against the US Dollar. The bulls are now facing a strong resistance near $10.50, $11.00, and the 100 SMA (H4).

  • Chainlink token price gained nicely above the $8.50 and $9.00 resistance levels against the US dollar.
  • The price is now facing hurdles near the $10.50 resistance and the 100 simple moving average (4-hours).
  • There is a key bullish flag forming with resistance near $10.45 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair could either rally above $11.00 or it might trim all gains to drop back at $7.50.

Chainlink (LINK) is Facing Hurdles

This past week, we saw a sharp rise in chainlink (LINK) above the $8.50 and $9.00 resistance levels against the US Dollar. The price remained well bid after it settled above the $9.00 pivot level.

There was also a break above the 50% Fib retracement level of the key decline from the $13.30 swing high to $7.32 low. However, LINK price ran into a significant resistance at $11.00 and the 100 simple moving average (4-hours).

It seems like price is struggling to clear the last breakdown zone at $10.50 and $11.00. The 61.8% Fib retracement level of the key decline from the $13.30 swing high to $7.32 low is also acting as a strong resistance for the bulls.

Chainlink (LINK) Price

LINK price trades below $10.00. Source: TradingView.com

The price is currently correcting lower (similar to bitcoin and ethereum) and trading below $10.00. There is a key bullish flag forming with resistance near $10.45 on the 4-hours chart of the LINK/USD pair.

If there is an upside break above the channel resistance and $10.50, there are high chances of a sharp increase above the $11.00 resistance zone. In the stated case, the price could rally towards the $12.50 and $13.20 resistance levels.

Fresh Decline?

If chainlink’s price fails to clear the $10.50 resistance and stays below the 100 simple moving average (4-hours), there is a risk of a sharp decline.

An initial support on the downside is near the channel lower trend line at $9.40 level. The main support is near the $9.00 level, below which there are real chances of a drop towards the $7.50 level in the near term.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is now gaining pace in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now well below the 50 level.

Major Support Levels – $9.40, $9.00 and $8.50.

Major Resistance Levels – $10.40, $10.50 and $11.00.

0
0

Related posts:

No related posts.

Previous Post

Crypto Roundup: September 29th, 2020

Next Post

Analysts Explain Why UniSwap (UNI) Could Surge Higher Entering Q4

NewsBTC

NewsBTC

Next Post
Analysts Explain Why UniSwap (UNI) Could Surge Higher Entering Q4

Analysts Explain Why UniSwap (UNI) Could Surge Higher Entering Q4

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In