LINK holds strong support at $7.10 level but despite the strong push in BTC price, the altcoin failed to capitalize. The buyers are trying to defend the important support but the question remains if LINK can still capitalize on the new parabolic move, so let’s find out more in the upcoming chainlink news today.
It could resume the uptrend if the previous monthly breakout can hold the support since the current LINK/USD level is holding above $7.1 while the key resistance levels include $7.83, $8.2 and $8.9. Earlier this month, Chainlink saw a huge rise of 95% to reach the $8.9 on July 16th finally claiming the crucial resistance support that eventually suppressed the bullish action in the upcoming weeks before. Today, the LINK price lost about 6% of the value and reached the current trading price of $7.33. Following the breakdown of the rising trend line, LINK holds strong support confirming the weekly reversal which could lead LINK to support $6.8 in the next upcoming days.
A break below this support could cause much more pain in the market and for Chainlink to reactivate a strong bullish trend, it will need to regain momentum above the current monthly high but for now, it seems that the bearish trend is appearing on the 4-hour chart. Looking at the current market structure, LINK holds the $7.11 level as a support for the past 24-hours while below this lies the support of $6.86 but if this level breaks, the next level to watch out is the $6.59 followed by the key support at the $5.6 level where the buyers regrouped.
As said before, the $8.9 resistance is a key breakout level to look out for but the potential level for a pullback can be found at $7.83 while the next resistance level above this level is $8.2 before the breakout. The key resistance levels are set at 85119 SAT, 91222 SAT and 97260 SAT while the key support levels include 77685, 7461 SAT, and 69296 SAT. Despite Bitcoin’s recent surge to $9400, LINK is still down by 8.5% after its five-day correction to the 97260 SAT level. The price is in the middle of consolidation after dropping below the orange support line yesterday. It is looking quite bearish on the charts although the trend is still in favor of the bulls.
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