Chainlink (LINK) rose to $ 24.00 before correcting lower levels similar to Bitcoin and Ethereum. The price is currently trading near a large support zone at $ 20.00.

 

 

Chainlink token price surged as high as $ 23.79 before starting a downside correction against the US Dollar.

The price is trading above the $ 20.00 support and is well above the 100 simple moving average.

On the 4-hour chart of the LINK / USD pair there is a connecting bearish trend line with resistance near $ 21.70.

The price could extend the losses to $ 18.20 before starting a new hike in the near term.

 

Chainlink’s movement

After a clear break above $ 20.00, Chainlink (LINK) extended its rally. It even moved above the $ 22.00 level and settled well above the 100 simple moving average.

It traded as high as $ 23.79 before starting a downside correction. There was a break below the $ 22.00 and $ 21.20 support levels. There was also a clear break below a contract triangle with support around $ 21.50 on the 4-hour chart of the LINK / USD pair.

The bulls lost control and the price dropped below the $ 20.50 level. However, the decline was limited and the price dropped to $ 19.90. LINK is currently trading above the $ 20.00 support and is well above the 100 simple moving average.

If the price of the chainlink cannot continue to rise above $ 21.70 and $ 22.00, it could drop further. The first major support is near the $ 20.00 level.

The next major support is near the $ 18.20 level, where the bulls are likely to take a strong stand in the near term.

 

Technical indicators

4-hour MACD – The MACD for LINK / USD is gaining momentum in the bearish zone.

4-hour RSI (Relative Strength Index) – The RSI for LINK / USD is currently near the 50 level.

Support Levels – $ 20.00, $ 19.10 and $ 18.20.

Resistance Levels – $ 20.80, $ 21.70 and $ 22.00.

LEAVE A REPLY

Please enter your comment!
Please enter your name here