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LINK Price Analysis: LINK/USD Eyes $10 Despite Upside Barriers on Chainlink Oracle Blend With Layer-One Blockchain Protocol, Radix

LINK/USD

It is a time of uncertainty in the cryptocurrency market. Price actions have remained sluggish across the board. Selling activities appear to be gaining momentum with Bitcoin slightly losing 0.1%. A slow shift in favor of the bulls caused LINK price to set an intraday high of $9.04 gaining 1.64% on the day. After hitting a yearly high of $20 on 16th August, LINK price has since charted a series of lower highs and lower lows. On September 24, LINK surged from $7.4 to $10.43. Following a rejection, LINK plunged steadily to lows of $8.35 where it met stiff support. At the time of writing, LINK/USD is trading at $8.88 while attempting to rally further. LINK/USD eyes $10 despite upside barriers presently faced by buyers. The LINK market cap presently stands at $3.1 billion, based on a 350 million circulating token supply, with $1.02 billion in trade volume over the past 24 hours. DeFi oracles will now be easily accessible to Radix developers following Chainlink oracle blend with layer-one blockchain protocol, Radix. Chainlink offer developers the ability to connect any blockchain, providing high-quality data sources from other blockchains as well as real-world data.

*A slow shift in favor of the bulls caused LINK price to set an intraday high of $9.04 gaining 1.64% on the day
*LINK/USD eyes $10 despite upside barriers presently faced by buyers
*DeFi oracles will now be easily accessible to Radix developers following Chainlink oracle blend with layer-one blockchain protocol, Radix

Key levels
Resistance Levels: $15.00, $13.50, $12.00
Support Levels: $8.35, $7.31, $6.52

LINK/USD Daily Chart: Ranging

LINK/USD Daily Chart

As seen on the daily chart, a buy signal is presented. If chainlink’s price starts an upside correction from the $8.35 support, it is likely to face many hurdles as the $9.00 to $9.20 levels constitute a resistance zone. The main resistance is at $9.72 above which the bulls could attempt an upside break above $10.00.

In the prior day, a decline in Chainlink (LINK) against the US Dollar was seen as the price plunged to lows $8.56 and $8.35 levels today before the bulls came into action and the price pumped to the $9.00 key level. On the downside, formidable support lies at $8.35 and $7.31 levels. A breakout below $8.35 can send LINK towards the last low at $7.38 level in the near-term.

LINK/USD 4-Hour Chart: Ranging

LINK/USD 4-Hour Chart

On the 4-hour chart, there seems to be a slow shifting in favor of the bulls but the outlook remains bearish. Following a bearish breakout, LINK price is currently trending in a descending channel capped by the 4 hour MA 50. A further downside movement may be a possibility before an upward climb. In this scenario, bears may take the price to $7.31 before an upswing.

Failure to reclaim the $10 level could provoke another downside attack beneath the 4 hour MA 50 support barrier. 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, sellers may test the $8.35 and $7.31 support levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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