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LINK Technicals Suggest There’s Strong Bearish Case Forming

Stefan by Stefan
07/10/2020
in ChainLink News
Reading Time: 2 mins read
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LINK technicals suggest there’s a strong case forming for a break below $8 as Chainlink started a fresh decline from the major hurdle at $11.00 against the US dollar. LINK is down by 10% and it could crash lower below $8.00 so let’s read more in our latest Chainlink news today.

The token price topped near the major resistance at $11.00 against the US dollar as the price is now trading below the $10.00 pivot level and the 100 simple moving average. There’s also a crucial bearish trend line forming near $9.50 on the 4-hour charts of the pair which could continue lower to $8.00 as long as it is below $10.00. The previous analysis explained that there are chances of a strong rejection in Chainlink close to the $11.00 resistance zone while the previous zone acted as a strong barrier and the price dropped from $11.25 swing high.

link price
LINK price trades below $9.50. Source TradingView.com

The LINK technicals suggest there’s a steady decline and a rejection pattern below the $10.00 level with the price breaking below the $9.50 settling below the 100 simple moving average. The decline gained pace below the 50% retracement level from the upward movement from the $7.26 low to the $12.2 swing high with a crucial bearish trend line forming with the resistance near the $9.50 on the 4-hour charts of the pair. The price is now trading close to the key support level of $8.50 while the next major support is near the $8.20 level since it was close to the 76.4% fib retracement level of the upward movement of the $7.26 low to the $11.25 swing high. The support is near the $8.00 level below which the price could gain bearish momentum below the $7.80 so further losses could lead the price to the $7.25 support.

link daily price
LINK 24-Hour Price Chart (Source: Coingecko)

If Chainlink’s price started an upside correction from the previous $8.50 support which will likely face many hurdles with an initial resistance close to the $9.00 level. The major resistance is near the $9.20 level with main resistances close near the trend line and the 100 simple moving averages above which the bulls will try and upside break above the $10.00. The MACD for the pair is gaining pace in the bearish zone the RSI for the pair is well below the 40 levels. Major support levels include $8.50 and $8.20 and $8.00 while the major resistances are set at $9.00 and $9.20 and $9.50.

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Tags: bearish casechainlink pricefeaturedlink priceLINK price analysislink technicalsprice analysisstrong bearish case
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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