Cosmos doubles ‘Stargate’ bug bounty rewards to avoid repeating past mistakes
October 9, 2020
Venture Capitalist Tim Draper Bets Big on Indian Crypto Exchange, Undeterred by Crypto Ban Reports
October 9, 2020
Chainlink (LINK) found a strong buying interest above the $8.50 support against the US Dollar. The price is now trading nicely above $9.20, but it must surpass $10.00 for more gains.
- Chainlink token price is showing positive signs above the $9.20 resistance against the US dollar.
- The price is now trading above the 100 simple moving average (4-hours), but facing hurdles near $9.80 and $10.00.
- There was a break above a major bearish trend line with resistance near $9.30 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair could rally if there is a clear break above the $9.80 and $10.00 resistance levels.
Chainlink (LINK) Price is Gaining Traction
After another drop, chainlink (LINK) found support near the key $8.50 level. The bears made two attempts to clear the $8.50 support, but they failed. A low is formed near the $8.36 level and the price started a fresh increase (similar to bitcoin).
There was a break above the $8.80 and $9.00 resistance levels to start the current increase. The price broke the 23.6% Fib retracement level of the downward move from the $11.29 high to $8.36 low.
More importantly, there was a break above a major bearish trend line with resistance near $9.30 on the 4-hours chart of the LINK/USD pair. The pair is now facing a tough resistance near the $9.65 level and the 100 simple moving average (4-hours).
LINK price trades above $9.20. Source: TradingView.com
The main resistance is near the $9.80 and $10.00 levels (the last key breakdown zone). It is close to the 50% Fib retracement level of the downward move from the $11.29 high to $8.36 low.
A successful close above the $9.80 and $10.00 resistance levels could open the doors for a sharp increase. In the stated case, the price is likely to rise steadily towards the $11.00 and $11.20 levels.
Downsides Supported?
If chainlink’s price starts a downside correction, it might find support near the broken trend line and $9.25. The first major support is near the $9.20 level.
The major support is now forming near the $9.00 level, below which the price is likely to revisit the $8.50 support. Any further losses could lead the price towards the $7.20 support zone.
Technical Indicators
4-hours MACD – The MACD for LINK/USD is now moving nicely in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is now well above the 50 level.
Major Support Levels – $9.25, $9.20 and $9.00.
Major Resistance Levels – $9.65, $9.80 and $10.00.
