Charted: Chainlink (LINK) Prints Bullish Break, But Facing Uphill Task Near $10

2020-10-9 10:48

Chainlink (LINK) found a strong buying interest above the $8.50 support against the US Dollar. The price is now trading nicely above $9.20, but it must surpass $10.00 for more gains.

Chainlink token price is showing positive signs above the $9.20 resistance against the US dollar. The price is now trading above the 100 simple moving average (4-hours), but facing hurdles near $9.80 and $10.00. There was a break above a major bearish trend line with resistance near $9.30 on the 4-hours chart of the LINK/USD pair (data source from Kraken). The pair could rally if there is a clear break above the $9.80 and $10.00 resistance levels. Chainlink (LINK) Price is Gaining Traction

After another drop, chainlink (LINK) found support near the key $8.50 level. The bears made two attempts to clear the $8.50 support, but they failed. A low is formed near the $8.36 level and the price started a fresh increase (similar to bitcoin).

There was a break above the $8.80 and $9.00 resistance levels to start the current increase. The price broke the 23.6% Fib retracement level of the downward move from the $11.29 high to $8.36 low.

More importantly, there was a break above a major bearish trend line with resistance near $9.30 on the 4-hours chart of the LINK/USD pair. The pair is now facing a tough resistance near the $9.65 level and the 100 simple moving average (4-hours).

LINK price trades above $9.20. Source: TradingView.com

The main resistance is near the $9.80 and $10.00 levels (the last key breakdown zone). It is close to the 50% Fib retracement level of the downward move from the $11.29 high to $8.36 low.

A successful close above the $9.80 and $10.00 resistance levels could open the doors for a sharp increase. In the stated case, the price is likely to rise steadily towards the $11.00 and $11.20 levels.

Downsides Supported?

If chainlink’s price starts a downside correction, it might find support near the broken trend line and $9.25. The first major support is near the $9.20 level.

The major support is now forming near the $9.00 level, below which the price is likely to revisit the $8.50 support. Any further losses could lead the price towards the $7.20 support zone.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is now moving nicely in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now well above the 50 level.

Major Support Levels – $9.25, $9.20 and $9.00.

Major Resistance Levels – $9.65, $9.80 and $10.00.

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ChainLink (LINK) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $17.68
Капитализация $0 Rank 99999
Цена в час новости $ 10.17 (-100%)

chainlink above price link signs positive trading

Источник: newsbtc.com

chainlink above → Результатов: 60


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