THELOGICALINDIAN - Chainlink LINK rallied added than 40 and traded to a new alltime aerial at 8530 adjoin the US Dollar It is currently acclimation lower but dips are acceptable to acquisition abutment abreast 7200
Chainlink (LINK) Rallies 40%
In the aftermost abstruse assay of chainlink (LINK), we discussed why there could be more upsides aloft $6.500 and $7.000 adjoin the US Dollar. LINK did breach the $7.000 attrition and continued its assemblage by added than 40%.
It alike surged aloft the $8.000 attrition and acclimatized able-bodied aloft the 100 simple affective boilerplate (4-hours). A new best aerial is formed abreast $8.530 and the amount is currently acclimation lower, while above cryptocurrencies (bitcoin and Ethereum) are disturbing to bright key hurdles.
LINK is currently acclimation lower beneath the $8.200 level. An antecedent abutment is abreast the $7.880 akin or the 23.6% Fib retracement akin of the contempo assemblage from the $5.729 low to $8.530 high.
The aboriginal above abutment on the downside is abreast the $7.200 and $7.150 levels. It is abutting to the 50% Fib retracement akin of the contempo assemblage from the $5.729 low to $8.530 high. More importantly, there is a above bullish trend band basic with abutment at $7.000 on the 4-hours blueprint of the LINK/USD pair.
If chainlink badge amount stays aloft the $7.200 and $7.000 abutment levels, it could alpha a beginning increase. An antecedent attrition is abreast the $8.200 and $8.500 levels. A bright breach aloft the $8.500 akin ability accessible the doors for a advance appear the $10.00 barrier in the advancing days.
Dips Remain Supported
If LINK amount corrects lower, the beasts are acceptable to assure the $7.200 and $7.000 abutment levels. A acknowledged abutting beneath the $7.000 abutment ability advance the amount into a above alteration phase.
In the mentioned case, the amount could revisit the $6.400 abutment akin (the contempo blemish zone). Any added losses may conceivably alpha a bearish beachcomber appear the $5.000 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 able-bodied into the overbought zone.
Major Support Levels – $7.880, $7.200 and $7.000.
Major Resistance Levels – $8.200, $8.500 and $10.00.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
