The cryptomarket terrain is in red with BTC volatility spilling over to Altcoins. after a surprising recovery rally from the weekend session, most crypto assets reversed prior gains following an intense day of volatility on Dec. 1. LINK surged to $16.42 on November 24 but the price failed to hold above this level due to rejection. After a decline towards $11.28, a recovery thereafter ensued. Rebound on LINK/USD hits barrier at $14.91 as bears mounted guard. Chainlink is exchanging hands at $13.72 after trading at an intraday high of $14.91, down by 4.06% in the last 24 hours. LINK’s present market cap stands at $5.35 billion, based on a 394 million circulating token supply, with $1.80 billion in trade volume over the past 24 hours. Chainlink declares support for the ETH ecosystem through Gitcoin Grants Round 8. The Chainlink team stated its support towards the open-source development of in-demand Ethereum infrastructure projects by donating funds to Gitcoin Grants Round 8.
*After a decline towards $11.28, a recovery thereafter ensued
*Chainlink is exchanging hands at $13.72 after trading at an intraday high of $14.91
*Chainlink declares support for ETH ecosystem through Gitcoin Grants Round 8
Resistance Levels: $18.00, $16.00, $15.00
Support Levels: $13.00, $12.00, $11.00
LINK/USD Daily Chart: Ranging
LINK/USD Daily Chart
As seen on the daily chart, a recovery ensued when Chainlink (LINK) bounced off the MA 50 support at $12.02. The bulls managed to push the price back above $13 to highs of $14.91 where a barrier was met. If the bears sink the price back below $13, it may suggest a bearish sentiment. A break and close beneath the MA 50 at $12.31 could start a deeper correction towards the prior week’s low at $11.28.
Further selling pressure may cause LINK to retest its October lows of $8.35. On the flip side, if the bulls push the price above $14.91, LINK/USD could rally back to $16.42 and then $20. The RSI just above the midpoint does not give a clear advantage either to the bulls or the bears.
LINK/USD 4-Hour Chart: Ranging
LINK/USD 4-Hour Chart
On the 4-hour chart, bears mounted a stiff resistance at the $15 region which saw the price turning southwards. The bulls however swung in to defend the $13 level as a slight rebound occurred, pushing LINK to its present price. If the bears succeed in sinking price beneath $13, LINK may retest the 4-hour MA 200 at $12.72. A further breach may cause LINK to seek the next buyer congestion zone between $12 and $10.
On the upside, a breach beyond $15 would cement buyers’ position in the market and may create enough volumes for a rally towards $16 and $20. The LINK/USD pair is only bullish while trading above the $13.5 level, key resistance is found at the $15 and the $16 levels. If the LINK/USD pair trades below the $13, sellers may test the $12 and $11 support levels.
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