LINK gets 35% below its all-time high that was reached on August 16th at about $20 as we reported in the previous chainlink coin news.
Chainlink suffered a drop by 9% over the past 24-hours, completing the 35% descent from the all-time high reached two weeks ago when the asset hit $20. Against Bitcoin, LINK is also dropping as the buyers are trying to defend the 0.00119 BTC support level. The key support levels include $13.35 and $12.60 while the key resistance levels include $14, $15.60, and $16. LINK broke towards the upside of the symmetrical triangle pattern at the end of August but it was unable to build the needed support above $17.50.
In the first few days of September, LINK gets 35% below its all-time high and it is headed lower beneath the $15 support. It even continued lower to $12.60 but it shortly recovered above $13. The 4-hour closing candle below the $12.60 level could signal a further decline ahead for the cryptocurrency and possible targets here could include the $10 price point. If the seller’s beak below the current $13.35, the initial support lies at $12.60 while below that level, the support lies at $11.61.
On the other side, if the bulls can defend the $13.35 level and round, the resistance will be located at $14, $15,10, and $16. The increasing volume in this downtrend is quite worrying but the 4HR RSI has reached oversold conditions that could signal an upcoming correction. Against Bitcoin, LINK crushed the symmetrical triangle to the end of August as it pushed towards the 0.0015 BTC resistance. LINK was unable to overcome the resistance because it started going lower at the end of August. This created a lower high which looks bearish. At the start of the month, LINK found support at 0.00127 BTC.
However, this level dropped into the 0.00119 BTC support and the bulls are trying to defend the level pushing to the current price of 0.00124 BTC. If the buyers can start climbing again, the resistance will be set at 0.0013 BTC and above this, the resistance is located at 0.00135 BTC. On the other side, the first level of support lies at 0.00119 BTC which is followed by the strong support of 0.00115 BTC. The 4-hour RSI produced a bullish crossover in the oversold territory which could help the market improve.
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