Chainlink is one of the most notable cryptocurrencies of recent days. So what is the next move expected for LINK? Let’s look at the details together.
Chainlink has pulled back the $15 support for the third time since May. crypto currency; It continues to trade below the 50-day, 100-day and 200-day moving averages. The daily LINK/USDT chart has formed a descending triangle with the base at $15.
$15 critical level for Chainlink
$15 is seen as the most important level to watch in the weekly close on Sunday. Maintaining the $15 support, Chainlink depends on Bitcoin continuing to trade above $30,000. Losing $15 support; it can open doors for $13 or even $12.
Earlier today, LINK recorded a local bottom at $15,125. Bitcoin had recorded a one-day low at $31,000 at the same time.
With this move, Chainlink retested the $15 support zone for the third time since May 23. LINK also retraced the $15 support on June 22, as highlighted by the daily LINK/USDT chart below.
In addition, the following can be observed from the graph above:
chainlink; It remains in bearish territory as it trades below the 50-day, 100-day and 200-day moving averages. The daily trading volume of the cryptocurrency has been falling since mid-May.
The histograms of the daily MACD also confirm a decrease in Chainlink trading in the crypto markets. The daily MACD also confirms the ongoing bearish scenario for LINK.
The daily MFI and RSI are in neutral territory, albeit slightly closer to the bearish trend for Chainlink.
Bitcoin’s performance will be followed: 30 thousand dollars is the critical point
As mentioned earlier, Chainlink broke out of the $15 support area earlier today as Bitcoin hit its daily low at $31,000. Bitcoin is currently trading at $32,000 while Chainlink is hovering around the $15.80 price area.
It should be noted that Bitcoin has maintained the $31,000 to $30,000 price area as support since mid-May. Chainlink’s fate above $15 depends on Bitcoin staying above this key price area.
If Bitcoin loses $30,000 over the weekend, Chainlink will most likely lose the $15 support and retest the $13 to $12 support zone.