The cryptocurrency market is mostly motionless as selling pressure induced by BTC plunge beneath $16,000 crept into the corners of the market. Most crypto assets are presently consolidating while posting minor losses on the day. Chainlink’s uptrend considerably slowed down since November 7th after it met resistance. In the week, LINK bulls attempted to push and sustain the smart contract asset above $13.50 but didn’t succeed as bears rose to aggressively defend the key resistance. LINK/USD bulls decided to take a breather beneath $13 where it has been range trading in the last few days. As of this article’s writing, Chainlink trades for $12.54, down by 2.31% in the last 24 hours. The LINK market cap presently stands at $4.89 billion, based on a 392 million circulating token supply, with $1.23 billion in trade volume over the past 24 hours. On-chain analytics platform, Santiment noted a dump action by Chainlink large volume holders otherwise referred to as whales. Addresses holding between 100,000 and 1 million LINK surged from 239 on October 30 to 247 on November 12 but these addresses have started dumping.
*Chainlink’s uptrend considerably slowed down since November 7th after it met resistance
*As of this article’s writing, Chainlink trades for $12.54, down by 2.31% in the last 24 hours
*On-Chain analytics Santiment noted a dump action by Chainlink large volume holders otherwise referred to as Whales
Key levels
Resistance Levels: $16.00, $15.00, $13.50
Support Levels: $12.00, $11.00, $10.00
LINK/USD Daily ChartOngoing sideways price action is seen on the daily chart, in the wake of the rejection at $13.50. Despite the upside barrier encountered, LINK bulls have not given up much ground in the past two days. A subtle buyer congestion zone slightly below the recent price at $12 mitigated further losses, thereby increasing the chances of consolidation in the near term.
If the selling pressure increases, the headwind will force Chainlink towards the primary support at $10. On the upside, if consolidation ends and LINK bulls manage to drive the price above $13.50, the LINK/USD pair will complete an inverse head and shoulders pattern that has a target objective of its $20 ATH.
LINK/USD 4-Hour ChartAs seen on the 4-hour chart, LINK bulls are attempting a rebound past the MA 50 cap at $12.63. If the pair finally turns down the support at $12, the bears will try to pull the price down to $10. Here, bulls will have ample time to strategize on the approach to use for recovery heading to $14 and beyond.
Should a confirmed breakout take place then the LINK/USD pair could start to surge towards the $15 level, at a minimum. The LINK/USD pair is only bullish while trading above the $12 level, key resistance is found at the $13.50 and the $15 levels. If the LINK/USD pair trades below the $12, sellers may test the $11 and $10 support levels.
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