THELOGICALINDIAN - Chainlink LINK is up about 20 from the 920 beat low adjoin the US Dollar It bankrupt the 1200 attrition but now adverse a above attrition abreast the 1350 level
Chainlink (LINK) Rally is Facing Hurdles
This accomplished week, we saw a aciculate abatement in bitcoin, Ethereum, ripple, and chainlink (LINK) adjoin the US Dollar. LINK bankrupt abounding supports abreast $15.00 and the 100 simple affective boilerplate (4-hours) to move into a bearish zone.
The abatement acquired clip beneath the $13.50 and $12.50 abutment levels. It alike bankrupt the $10.00 akin and traded to a new account low at $9.21. Recently, the beasts came into activity and the amount pumped aloft the $10.00 axis level.
There was a breach aloft the 23.6% Fib retracement akin of the bottomward move from the $17.74 aerial to $9.21 low. Chainlink rallied 20% and it alike bankrupt the $13.00 level.
However, the amount is now adverse a above hurdle abreast the $13.00 and $13.50 levels. There is additionally a acute bearish trend band basic with attrition abreast $13.00 on the 4-hours blueprint of the LINK/USD pair. The trend band coincides with the 50% Fib retracement akin of the bottomward move from the $17.74 aerial to $9.21 low.
It seems like the beasts ability attempt to bright the trend band and the $13.50 resistance. If they succeed, chainlink (LINK) ability acceleration steadily appear the $15.50 and $15.50 levels in the abreast term.
Dips Likely to be Supported
On the downside, chainlink’s amount is acceptable to acquisition able bids abreast the $11.50 and $11.20 levels. The abutting above abutment is abreast the $11.05 level.
A downside breach beneath the $11.00 abutment akin could advance the amount aback into a abrogating zone. In the declared case, the amount could abide to abatement appear the $10.00 level.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is boring accident clip in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is still beneath the 50 level.
Major Support Levels – $11.50, $11.20 and $11.05.
Major Resistance Levels – $13.00, $13.20 and $13.50.
