Chainlink’s bottom seems close enough as the altcoin crashed by 30% in the past two weeks as we can see in the charts in our latest chain link news.
Against bitcoin, LINK dropped through the crucial 0.001 BTC support and is now trading around 0.00097 BTC. Chainlink was dire during the trading session in September and it was also struggling since mid-August when it dropped from $20 with the bulls nowhere near to curb the drop. The asset dropped again from the previous level of $16 to hit a new low of $9.00. The buyers managed to regroup and to close the low-candle from September above the $10.40 level where the support was provided by the downside at 1.618 fib extension level. Once it hit the support, LINK was hovering around $13.35.
In the past week, Link dropped from the upper boundaries of the range and returned to the lower border. If the sellers push beneath $10.40, the first level of support lies at $10. The movement is followed by the support at $9.00 and $8.00 as well as $7.25. The added support is found at $6.61 and $6.00. On the other side, the resistance lies at $11.62 which is followed by the $12.60 and $13.35.
Chainlink’s bottom can be seen from here as the RSI for the coin is bearish and seems to be dropping as well signifying that the negative momentum is increasing. It even has room to drop before getting into the oversold territory. The key support levels include $0.000943 and $0.00088 while the key resistance levels include 0.001 BTC, 0.00108 BTC, and 0.00115 BTC. Link is in a similar situation against Bitcoin as it broke below the support of $0.001 BTC and reached a level of 0.00097. The sellers pushed the pair by about 30% in September alone and it is down by a total of 42% from August.
There’s strong support ahead at the rising trend line but breaking beneath this could be catastrophic for link. If the sellers continue to boost LINK lower, the first level of support is set at 0.000943 BTC. This is followed by the support of the rising trend line at 0.00088BTC. On the other side, the resistance for chainlink lies at 0.001 BTC and 0.00108 BTC. The RSI is seemingly in the oversold territory which suggests the sellers are a little overextended. This could also start a rebound for the pair in the next two days.
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