Digital currencies across the board rebounded vigorously during the week, in a way prompting investors that we are still in a bull market. Altcoins such as Chainlink (LINK) rallied massively registering gains beyond 20% in the last 2 days. The selling pressure seen at the start of the week caused LINK to plunge steadily from $10.63 to lows of $7.31. However, the price met stiff support and made a sharp U-turn to the upside as buying extends on LINK/USD to rebound past $10. LINK Bulls defended support at $7.31 to set an intraday high of $10.91. The LINK market cap presently stands at $3.6 billion, based on a 350 million circulating token supply, with $2.46 billion in trade volume over the past 24 hours. At the time of composing, LINK/USD is trading at $10.83 while attempting to rally further. Chainlink (LINK) unfolds amongst the top 10 crypto players in Q3 2020 recording a meteoric rise of 84.4% for the quarter as stated by Cryptorank. However, Q3 has been challenging in the cryptocurrency market, LINK gain is enough to keep it within the positive zone up to the top.
*The selling pressure seen at the start of the week caused LINK to plunge steadily from $10.63 to lows of $7.31
*Buying extends on LINK/USD to rebound past $10 as LINK bulls defended support at $7.31 to set an intraday high of $10.91
*Chainlink (LINK) unfolds amongst Top 10 crypto player In Q3 2020 recording a meteoric rise of 84.4% for the quarter as stated by Cryptorank
Resistance Levels: $15.00, $13.50, $12.00
Support Levels: $9.16, $7.31, $6.52
LINK/USD Daily Chart: Ranging
LINK/USD Daily Chart
Early in the week, a sharp decline in Chainlink (LINK) against the US Dollar was recorded. LINK broke many supports beneath the MA 50 near $13.50 to move into a bearish zone. The decline gained pace below the $12 and $10.30 support levels. It even broke the $9 level and traded to a new weekly low at $7.31. Recently, the bulls came into action and the price pumped past the $10.00 pivot level.
On the downside, Chainlink’s price is likely to find strong bids near the $9.16 level and $8 mark. The next major support is near the MA 200 on the level of $6.52. A downside return beneath the $10.00 resistance turned support level could push the price back into a negative zone. In the outlined scenario, the price could continue to decline towards the $7.31 level.
LINK/USD 4-Hour Chart: Ranging
LINK/USD 4-Hour Chart
On the 4-hour chart, LINK price managed to climb above the short term MA 50 and could turn it into support in the near term. The RSI flipped bullishly into the overbought zone, and the trend is slowly shifting in favor of the bulls. Investors need to be looking at the $12 resistance level to the upside and $9.16 as the lowest support level in the short-term.
Failure to reclaim the $12 level could provoke another downside attack towards the 4 hour MA 50 support barrier and $9.16 level. The LINK/USD pair is only bullish while trading above the $12.01 level, key resistance is found at the $13.50 and the $15 levels. If the LINK/USD pair trades below the $10.30, sellers may test the $9.16 and $7.31 support levels.
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