LINK rallied 20% from the previous level of $9.20 swing low against the US dollar, however, the price is still stuck in a crucial resistance level near the $13.50 as we are reading in our chainlink coin news today.
The Chainlink token price started a strong recovery wave from the $9.21 monthly low against the US dollar and gained pace above the $12.00 resistance but is still below the 100 simple moving average. There’s a crucial bearish trend line forming near the $13.00 resistance level on the 4-hour charts of the LINK/USD pair. The pair has to break the $13.00 and $13.50 and continues higher in the near-term.
The past week, we saw a sharp decline in BTC and ETH as well as from LINK and Ripple against the US dollar. LINK even broke support levels close to the $15.00 and the 100 simple moving average into the bearish zone. The drop gained pace below the $13.50 and the $12.50 support levels while still breaking the $10.00 level and trading to a new monthly low of $9.21. The bulls came into action when the price pumped the $10.00 pivot level.
There was a break above the 23.6% fib retracement level from the downward movement of $17.74 high to the $9.21 low. LINK rallied 20% and broke the $13.00 level but the price is now facing a huge hurdle close to the $13.00 and $13.50 levels. There’s also a crucial bearish trend line forming with a resistance close to the $13.00 level on the 4-hour charts of the LINK/USD pair. The trend line coincided with the 50% Fib retracement level from the downward movement of $17.74 high to the $9.21 low.
The bulls could struggle to clear the trend line and the $13.50 resistance. If the bulls manage to clear this level, it could rise steadily to the $15.50 level in the near term. On the downside, chainlink’s price will find strong bids close to the $11.50 and the $11.20 levels while the next major support is close to the $11.05 level. The downside break below the $11.00 support level could push the price into the negative zone and the price could even continue dropping to the $10.00 level. The 4-hour MACD for the pair is losing pace in the bullish zone while the RSI for the pair is below the 50 levels.
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