LINK nosedives by 10% and broke the $11.30 support zone against the US Dollar. The recent breakdown suggests that there are high chances of more losses below the $10.00 and the $9.50 levels as we are about to see in the chain link news today.
LINK’s token price failed to clear the $13.50 resistance and dropped against the US dollar. The price is trading below the $11.20 support level and the 100 SMA. There was a slight break below the major contracting triangle with support close to the $11.80 level on the 4-hour charts of the pair. The pair remains at risk of another decline below the $10.00 and the $9.50 support level in the near-term.
After the sharp decline, chainlink found support close to the $9.20 level against the US dollar and the price then started a decent recovery wave of above $11.00 and $12.00 levels. However, LINK failed to clear the $1.50 resistance zone. It even remained below the $14.00 pivot level and the 100 simple moving average so there are some positive moves above $10,700 and Ethereum remained above the $355 support zone.
LINK is dropping and it even broke the 50% fib retracement level from the upward from the $9.20 low to $13.43 high. There’s also a break below the major contracting triangle with the support of $11.80 on the charts for the LINK/USD pair. The pair is trading below the support of $11.30 and the 100 SMA while testing the 61% fib retracement level of the upward movement from $9.20 to the $13.43 high. It seems that the bulls are struggling to protect the losses and the price could decline further below the $10.50 level while the next support is getting near the $10.00 level. Below this level, the bears are likely to aim at a new monthly low.
As link nosedives by 10%, the price could start a correction but first, it could face sellers close to the $11.30 level. The main hurdle is near the $13.00 level and the 100 simple moving average. The close above the $13.00 and the $13.50 resistance levels are needed for a steady recovery in the near-term. The 4-hour MACD for the pair is gaining pace in the bearish zone while the 4-hour RSI is below the 35 levels. The major support levels include $10.50 and $10.00.
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