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Chainlink Bounced Off The Crucial Support Level, Aiming For $12

Stefan by Stefan
06/11/2020
in ChainLink News
Reading Time: 2 mins read
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Chainlink Hits Another, weekly high, link, roadmap
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Chainlink bounced off the crucial support level while being on its way to recovery, facing no resistance ahead, aiming for the $12 price range. In our latest Chainlink crypto news, we can see that the coin increased by 10% over the past few hours.

Based on the historical data, LINK could advance towards $12 and the $14.5 level as well. the bullish outlook will prevail as long as the $10.4 support holds.  LINK went through a 64% correction after rising to an all-time high of over $20 but despite the losses, the so-called Chainlink marines have been reluctant to sell. Now, multiple technical indexes show that there could be rewards for their strong hands.

link..usd
LINK/USD. Source TradingView

When looking at Chainlink’s price action on the 12-hour chart, the decentralized oracles token seems to be contained in an ascending parallel channel over the past two months. Each time a LINK token has increased above the technical formation’s upper boundary as it gets rejected and retraces to the lower edge. From this point, it tends to be rebound, which is consistent with the channels’ characteristics. After the most recent retest of the underlying support, it seems that many buy orders were filled while the spike in buying pressure around the price level helped the coin rebound over 10% in the past few hours.

The token is on its way to an ascending parallel channel and these critical areas of interest sit at $12 and $14.5. the parabolic stops and reverse metric or SAR, adds credence to the optimistic outlook for the coin. The trend-following indicator predicts that chainlink’s downtrend reached exhaustion. As they stop and reversal points moved underneath Link’s price as the odds for a further advance increased immensely. As chainlink bounced off, the stop and reversal system was highly effective in determining the course of the altcoin trend. The last two times the SAR flipped from bearish to bullish in the 12-hour chart, the price surged by 32% and 34%.

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inout money
InOut of the Money Around Price by IntoTheBlock

IntoTheBlock’s In/Out of the money model shows that if all bullish signals are validated, Chainlink will face stiff resistance around the middle line of the parallel channel that was mentioned before. Based on the metrics, about 9000 addresses had previously purchased over 7 million coins. this critical supply barrier may contain rising prices at bay in the range that will likely exit  Their underwater positions. Going through this hurdle could see prices climb towards the channels’ upper boundary at $14.5.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: chainlink bounced offchainlink pricelink bounced offlink priceprice analysissupport level
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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