- LINK is currently trading at $8.80 after a notable rebound from the low at $7.31
- ChainLink is down 56% since its peak at $20.
ChainLink has established a robust daily downtrend with bulls unable to come back. The digital asset is still up almost 500% since its 2020-low at $1.51.
LINK/USD daily chart
LINK price has been rejected from the 12-EMA several times now. The most recent bounce happened at $7.31, a level close to the crucial support level of $7. LINK is trading at $8.8 after a slight rejection from $9.
LINK IOMAP Chart
Looking at the In/Out of the Money Around Price chart by IntoTheBlock, we can observe that a large number of investors bought at $10, which creates a healthy resistance level. At the same time, many investors also got in at $8.8, $8.6, and $8. The area at $8 and above represents a strong support level.
Bulls are eying up $10 as the next resistance level, which coincides with the 12-EMA at $9.8 currently. The MACD remains bearish but could turn bullish within the next few days if the momentum continues favoring buyers.
LINK/USD 4-hour chart
On the 4-hour chart, LINK price managed to climb above the 12-EMA and could turn it into support in the short-term. The MACD flipped bullishly, and the trend is slowly shifting in favor of the bulls.
However, a bearish breakout below $8 would be devastating as there aren’t many support levels below it. If $8 cracks, LINK will re-test the low of $7.31.
On the other hand, if bullish momentum continues, we could see LINK re-test $10 as the next most crucial resistance level.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.