LINK/USD turned from first major resistance and now the bulls are struggling. After the first major resistance was broken, LINK/USD took a short, sharp drop, bouncing off the lows of the day, but it’s still struggling to get higher. If it can manage to get back above the $1.29 level, LINK/USD could go on to test the next major resistance at the $1.34 level.
LINK/USD turned from first major resistance and now the bulls are struggling to regain control. LINK/USD has continued to move higher on the daily chart, and the sharp upward movement was reflected in the market as well as in the cryptocurrency markets. The price of LINK/USD has been supported by the rising of Bitcoin and Ethereum on the daily chart, but LINK/USD is still facing resistance at the level of $ 0.1450. If LINK/USD breaks through the level of $ 0.1450, it will accelerate further upward, reaching the level of $ 0.1650.
It’s been a brutal week in cryptocurrency markets. The LINK/USD pair has been the most volatile of all the top 10 cryptocurrencies, and has been oversold for a week now. It’s currently trading at a low of $0.3105 after dipping to as low as $0.3072 yesterday. The next major support level is $0.3000, which is the previous major support level. If it falls below that at $0.3000, then we may get a push back in the direction of the last major resistance level at $0.3050.. Read more about dogecoin and let us know what you think.Summary of the situation
- LINK/USD trades within a few pips of the EMA 200
- Upper key resistances around $23 and $24.
- At the time of writing, the coin is trading at $21.70.
Channel price analysis: Price Overview
The LINK/USD pair is trading within a few pips of its 200-day exponential moving average at $21.35, after the bulls failed to defend support at $22.50 on yesterday’s daily chart. Still, the bulls have managed to build a strong defense of the $20 support to prevent a breakout below this level. At this point, the currency could drop further to $15, which would create heavy selling pressure for traders looking to break even. Overall, today’s chart picture is bearish and characterized by moderate volatility. The currency is currently trying to break above the 50-day simple moving average which provides support at $21.78. This could help the currency gain ground and overcome resistance around $23 and $24. Other indicators that signal a bearish movement are the Accumulation/Distribution and Squeeze Momentum indicators. At the time of writing, savings were up 1.2%. Still, the Relative Strength Index is drifting into overbought territory on the 4-hour chart, indicating that selling volumes could increase.
Course of the price chain in the 24-hour chart Day chart is below the important resistance level $22
Chainlink’s price was hovering in bearish territory on the daily chart until recently, when it began to show signs of letting go of bearish pressure. The LINK/USD pair opened intraday trading at $21.59, followed by a decline to an intraday low of $20.02. Today’s daily range trade has only a 1 point divergence between the daily low and high, indicating low volatility in the chart. Source: TradingView
graphics chain 4 hours: Band convergence
Chainlink has formed a long candle on the 4-hour chart, moving from the daily low to today’s high at $21.98. The 4-hour chart shows positive signals for an upward trend. The bulls could take control of the price action if the LINK can break through resistance at $22. At the time of writing, the coin is trading at $21.70. The Bollinger Bands are converging and price is heading for the upper band, which is also the 100-day simple moving average and stands at $21.78. Source: TradingView
Result of the price analysis of the chain link: Where does the LINK go?
If the bulls manage to support the current channel price action and trigger more green signals, a breakout above $22 is possible. However, the bears are more inclined than ever to defend this price level at all costs and build resistance on the 24-hour chart. Should the bears take control, they could push the LINK price below $20, triggering a strong downtrend below $15 or even lower levels. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Now that the price of LINK/USD has broken past the resistance level of $0.006220, the bulls are having some trouble holding on. LINK/USD was already struggling in the past few days, as the price of the currency was already an hour too low. However, the bulls are still in control of the market, and the price is slowly rising back to the $0.006220 resistance level where the market has been extremely choppy. The bulls have been struggling to regain control of the price action throughout the day, and LINK/USD failed to make a break above the resistance level of $0.006220.. Read more about one tradeview and let us know what you think.
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