The bull run in the cryptocurrency market seems to have taken a hiatus after Bitcoin paused at a pace of $24,000. In a general market uptrend, LINK rallied to highs of $14.56 on December 17. LINK uptrend was stalled owing to rejection as it plunged to intraday lows of $13.49. The oracle token attempted a bounce back from the $13.19 support but recovery on LINK/USD slowed down again at the $14 barrier. This marks one of the numerous attempts by Chainlink to bounce back up after it suffered a significant blow after reaching its ATH of $20.11. Chainlink presently trades at $13.46, down by 3.29% in the last 24 hours. LINK remains up by more than 15% on a weekly. The LINK market cap presently stands at $5.35 billion, based on a 390 million circulating token supply, with $1.32 billion in trade volume over the past 24 hours. On-chain analytics firm, Santiment noted that Chainlink’s network growth is rising. Presently, new addresses on the network have surged to almost 3,600, representing a 37.5% increase from December 15 lows of 2,250.
*LINK rallied to highs of $14.56 on December 17
*Chainlink presently trades at $13.46, down by 3.29% in the last 24 hours
*On-chain analytics firm, Santiment noted that Chainlink’s network growth is rising
Resistance Levels: $16.00, $15.00, $14.00
Support Levels: $12.97, $11.00, $8.35
LINK/USD Daily Chart: Ranging
LINK/USD Daily Chart
On December 18, LINK slowed down the recovery at $14, a correction came into the picture to lows of $13.19. In case of extended downside pressure, LINK/USD may need to confirm support at $12.97 at the MA 50 close to prevent further losses. If this support caves in, LINK may be forced to seek the next support at $11.42 from which a rebound occurred on December 11.
Immense selling pressure may cause LINK to retest the MA 200 close at $10.34. The RSI just above the midpoint does not signal a clear advantage either to the bulls or the bears. If the trend turns in favor of the bulls, a sustained move past $14 may cause the LINK/USD pair to rise to $15 and then to $17. If this level is also crossed a retest of the all-time high at $20 is possible.
LINK/USD 4-Hour Chart: Ranging
LINK/USD Daily Chart
LINK declines reached lows of $13.20 on the shorter time frame after which a rebound occurred at the MA 200. The next hurdle for the bulls remains the resistance level at $14. Climbing above this point would quickly push Chainlink’s price towards $14.63 where previous rejection occurred. Besides that, the next potential price target would be the top of the pattern at $18 in the long-term.
On the flip side, a breakdown beneath the MA 200 close at $13.31 may cause LINK to retest lower support at the MA 50 close at $12.71. A further breach beneath the MA 50 would have a devastating effect over LINK, potentially pushing it to $8.35. The LINK/USD pair is only bullish while trading above the $13 mark, key resistance is found at the $15 and the $16 levels.
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