THELOGICALINDIAN - Chainlink LINK traded to a new annual aerial abreast 2700 afore acclimation lower agnate to bitcoin and Ethereum The amount is now captivation a above abutment at 2400 and the 100 SMA H4
Chainlink (LINK) Remains Well Supported
After a abutting aloft $25.00, chainlink (LINK) continued its advancement move adjoin the US Dollar, agnate to bitcoin and Ethereum. There was a bright breach aloft the $26.50 akin and the amount traded to a new aerial at $27.03.
The amount started a downside alteration from $27.03 and traded beneath the $26.00 level. There was a breach beneath the $25.50 abutment level. The amount alike acicular beneath the $24.00 akin and traded as low as $22.92.
However, the amount remained able-bodied accurate and it recovered aloft $23.50. LINK amount is now trading accurately aloft the $24.00 akin and the 100 simple affective boilerplate (4-hours). It already activated the 50% Fib retracement akin of the contempo abatement from the $27.03 aerial to $22.92 low.
There is additionally a key bullish trend band basic with abutment abreast $23.85 on the 4-hours blueprint of the LINK/USD pair. On the upside, the amount is adverse attrition abreast the $25.00 level.
The abutting aloft attrition is abreast the $25.50 level. It is abutting to the 61.8% Fib retracement akin of the contempo abatement from the $27.03 aerial to $22.92 low. A bright breach aloft $25.50 may possibly alpha a beginning access appear the $27.00 and $28.00 levels.
More Losses?
If chainlink’s amount fails to ascend aloft the $25.00 level, there could be a beginning decline. An antecedent abutment on the downside is abreast the $24.00 akin and the trend line.
A breach beneath the trend band abutment ability advance the amount added lower appear $23.00. Any added losses could advance the amount appear the $22.00 level.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is accepting drive in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently abutting to the 50 level.
Major Support Levels – $24.00, $23.85 and $22.00.
Major Resistance Levels – $25.00, $25.50 and $27.00.
