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Home»EXCHANGE NEWS»Chainlink recovery is halted, but unlikely to end
EXCHANGE NEWS

Chainlink recovery is halted, but unlikely to end

By Crypto FlexsNovember 30, 20233 Mins Read
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Chainlink recovery is halted, but unlikely to end
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Chainlink’s LINK price recovered above the $6.50 resistance level. The price is now correcting to the upside, but could look for bids near $6.40 and start a new increase.

  • Chainlink price is showing positive signs above $6.5 against the US dollar.
  • The price is trading near the $6.50 level and above the 100 simple moving average (4-hours).
  • The 4-hours chart of the LINK/USD pair (data source from Kraken) has a connected bullish trend line forming with support near $6.40.
  • Unless it closes below the $6.40 support, the price may rise again.

Chainlink (LINK) price turns green

LINK price, which showed a steady decline, found support around $5.75 against the U.S. dollar. A low was made near $5.74 and, like Bitcoin and Ethereum recently, the price began a new rise.

The price recovered above the $6.00 and $6.20 resistance levels. The bulls were able to push the price above the $6.50 level and the 100 simple moving average (4-hours). Finally, weakness emerged near $7.00. A high was made near $7.03 and the price is currently correcting to the upside.

It traded 23.6% below the Fib retracement level, rising from the $5.74 swing low to the $7.03 high. LINK is still trading above the $6.50 level and the 100 simple moving average (4-hours). On the 4-hours chart of the LINK/USD pair, there is also a connecting bullish trend line forming with support near $6.40. The trend line is near the 50% Fib retracement level rising from the $5.74 swing low to the $7.03 high.

Source: LINKUSD on TradingView.com

If there is a new price increase, the price may face resistance near $6.80. The first major resistance is near the $7.00 area. A clear break above $7.00 could begin a steady rise towards the $7.25 and $7.32 levels. The next major resistance is near the $7.50 level, above which the price may revisit $7.85.

Are there more losses?

If Chainlink’s price fails to rise above the $6.80 resistance, the downtrend could extend. Initial support for the downside is near the $6.50 level.

The next major support is near the $6.40 level, below which the price may test the $5.90 level. Any more losses could push LINK down to the $5.75 level in the near term.

technical indicators

4-Hour MACD – The MACD for LINK/USD is losing momentum in bullish territory.

4-Hour RSI (Relative Strength Index) – The RSI for LINK/USD is now above the 50 level.

Key support levels – $6.50 and $6.40.

Key resistance levels – $6.80 and $7.00.

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