Chainlink (LINK) Price Analysis: What Levels Will Popular Altcoin See? - News-Credit-Mortgage-Coin

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Wednesday, September 30, 2020

Chainlink (LINK) Price Analysis: What Levels Will Popular Altcoin See?

 



The popular altcoin Chainlink (LINK) started a strong upward move from $ 7.32 against the US Dollar. Chainlink is currently facing strong resistance around $ 10.5, $ 11 and the 100 SMA (H4), according to veteran analyst Aayush Jindal.


Chainlink price surged well above the $ 8.5 and $ 9 resistance levels against the US dollar.

The price is currently facing resistance at $ 10.5 and hurdles near the 100 simple moving average (4 hours).

There is an important bullish flag with resistance around $ 10.45 on the 4-hour chart of the LINK / USD pair (data source from Kraken).

According to the analyst, the pair could either rise above $ 11 or lower all gains to $ 7.5.

Aayush Jindal: Popular altcoin Chainlink faces strong hurdles

Last week, Chainlink (LINK) saw a sharp increase above the $ 8.5 and $ 9 resistance levels against the US Dollar. The price remained in good offer after climbing above the $ 9 pivot level. Also, there was a break above the 50% Fib retracement level of the key drop. However, LINK price encountered a significant resistance at $ 11 and the 100 simple moving average (4 hours).


The price seems to be struggling to clear $ 10.5 and $ 11. The 61.8% Fib retracement level of the key decline from the $ 13.3 low to $ 7.32 low. The price is currently recovering at lower levels (similar to Bitcoin and Ethereum) and trading below $ 10. There is an important bullish flag with resistance around $ 10.45 on the 4-hour chart of the LINK / USD pair.


Here are the critical levels Chainlink can test, according to the analyst

If there is an upside break above the channel resistance and $ 10.5, there is a possibility of a sharp increase above the $ 11 resistance zone. In the indicated situation, the price could rise towards the $ 12.5 and $ 13.2 resistance levels.

If the Chainlink's price fails to cross the $ 10.5 resistance and stays below the 100 simple moving average (4 hours), there is a risk of a sharp decline. A first downside support is near the channel's lower trend line at $ 9.40, according to the analyst. The main support is near the $ 9 level, below that there is a possibility of a real drop towards the $ 7.50 level in the near term.


Current view of Chainlink price with technical indicators

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


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


Major Support Levels: $ 9.4, $ 9 and $ 8.5.


Major Resistance Levels: $ 10.4, $ 10.5 and $ 11.

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