A crucial juncture for Chainlink started forming after the asset started a downside correction from the $11.80 zone against the US dollar. The price is trading at major breakdown support of $10.60 and $10.50 so let’s read more in our latest Chainlink coin news.
The token price corrected the gains from well above the $11.50 level against the US dollar. The price is testing the $10.60 support and it is well above the 100 simple moving average. There’s also a short-term declining channel or a bullish flag forming with the resistance close to the $10.95 on the 4-hour charts of the pair. The pair could increase higher if there’s a clear break above the $10.95 resistance levels.
The crucial juncture for chainlink started after the rise in LINK’s price above the $10.00 resistance level. The price broke the $10.50 and the $11.00 resistance levels and there was also a break above the $11.50 resistance and the price settled above the 100 simple moving average. A new high was formed close to the $11.82 and the price started a downside correction. There was a break below the $11.20 and the $11.00 support levels with the price dropping below the 50% fib retracement level of the upward movement from $10.07 low to $11.82 high. It also seems like there’s a short-term declining channel or a bullish flag forming with the resistance close to the $10.95 on the 4-hour charts of the pair. There’s crucial support nearing the $10.60 level with the 61.8% Fib retracement from the $10.08 low getting near to the $10.70.
On the upside, the bulls are facing a major hurdle close to the $10.95 and the $11.00 level with a clear break above the $11.00 resistance that could open the doors for another increase in the upcoming sessions. The immediate resistance is close to the $11.50 level above which the price will rally towards $12.00. If Chainlink’s price drops to clear the $11.00 resistance, it could go even lower. A downside break below the $10.60 and the $10.50 support levels could increase the risk of another decline.
The next major support is close to the $10.00 level below which the price could test the 100 simple moving average. The 4-hour MACD for the pair is still in the bearish zone, the 4-hour RSI is rising above the 50 levels while the major support levels are set at $10.60, $10.50, and $10.00.
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