- Chainlink price slides versus the BTC, USD, and ETH
- Immediate support is at $10.30
- Resistance is at $12.50
- Losses below Sep 2020 low a possible trigger back to $3.5
The LINK price is trading within a bullish breakout pattern. Even though there was a pullback, bulls are still in control.
From the daily chart, the LINK price is changing hands at $10.71, down from today’s open of $10.94. Nonetheless, price action is tepid since price action is within a $0.33 range with caps at $10.99 and $10.66.
After attempts of lower lows with noticeably low trading volumes, the shift of momentum and higher highs over the weekend could be the impetus for a retest of last week’s highs of $11.99—a reliable resistance level.
A break above this mark could see the LINK price trend higher towards $13.26 or better in days ahead.
In the last week of trading, the LINK price is ceding ground. The coin is down roughly three percent against the BTC, USD, and ETH as price action turns bearish after last week’s bullish attempts.
From the daily chart, the Chainlink price is in a bullish pattern continuation following a break and close above the descending triangle from Oct 8 through to 10.
Accompanying the breakout was an uptick in trading volumes. Even though participation level has tapered, yesterday’s reversal and re-alignment to the existing trend hint of underlying demand and a possibility of further higher highs towards $13.26 or better in the coming days.
Judging from the candlestick arrangement in the daily chart, the zone between $12.50 and $13.50 is significant for the Chainlink price’s immediate and medium-term trajectory. Since the area marks the 50 and 38.2 percent Fibonacci retracement levels–a confluence of the upper limit ($14) of the liquidation wall, a comprehensive close above $14 could see the LINK price soar to Aug 2020 highs of around $19.
Conversely, Sep 2020 low is vital for the Chainlink price. A dump down from spot level–reversing gains initiated by the double bar bullish pattern of Sep 23 and 24, could trigger a bear wave. In this case, LINK prices may retest Q2 2020 lows of around $3.5.
After yesterday’s close above the descending triangle, the Chainlink price is back in sync with the primary trend. Bulls are in control, inching higher along the minor support trend line as the middle BB provide a complimentary and the first support line.
The main resistance level lies at yesterday’s highs of around $10.98. A high volume close above this mark could see the Chainlink price soar to $12.50 or better in days ahead.
On the flip side, lower lows below the main support trend line may build the impetus for a sell-off towards $10.30. If volumes are high exceeding recent averages, the odds of more liquidation will significantly increase.
Despite the current pullback, the Chainlink price is technically bullish as gains of the last week of trading shows. However, a close above $12.50 could catalyze further participation. On the reverse side, losses below $10.30 could see LINK prices slump back to Q2 2020 lows of around $3.5.