Key Resistance Levels: $14, $16, $17.34
Key Support Levels: $11.2, $9.6, $7.29
Chainlink increased by a small 1.3% today due to the slight recovery in the entire crypto market since last Friday. It’s now priced at $12.6. Despite the latest corrections, LINK still appears bullish on the daily chart. It recently found support on the ascending trend line drawn from September’s low.
Looking at the 4-hours chart, LINK is yet to confirm a fresh increase. However, the interesting thing here is that buyers have shown interest during the last couple of days. A positive move can be anticipated shortly. But unfortunately, buying pressure is low at the moment.
If the ascending trend line continues to provide support, LINK could push further toward the $14 resistance level. The following targets would be $16 and 17.34.
The current positive movement is sustained by the $11.2 support level. If it fails, the next closest supports to watch out for are $9.6 and $7.29 below the crucial ascending line.
Key Resistance Levels: 70000 SAT, 80000 SAT, 87000 SAT
Key Support Levels: 60647 SAT, 50000 SAT, 40000 SAT
Against Bitcoin, Chainlink remains bearish after losing roughly 5% over the past 15 days. The price is now trading flat at around 65,000 SAT. At the same time, LINK has reached the channel’s lower boundary, forming since September.
The next major movement around these mentioned prices would determine the actual direction of the coin. But if the technical RSI indicator can hold its 50 level, an upward movement seems more likely. However, the MACD indicator reveals that sellers are technically in play.
If this channel fails to provide support, there’s still hope for a rebound at the important 60647 SAT level. A drop beneath this mid-year low may lead to huge sell actions towards 50000 SAT and 40000 SAT.
A nice rebound at this important support could initiate buying pressure towards the channel’s resistance at 70000 SAT, then 80000 SAT, and 87000 SAT levels. A significant break above this channel would confirm a bullish reversal for LINK. Looking at the current market structure, the bears have the upper hand.
