{"id":446517,"date":"2020-10-15T07:48:02","date_gmt":"2020-10-15T07:48:02","guid":{"rendered":"https:\/\/wncen.com\/?p=446517"},"modified":"2024-06-11T14:07:05","modified_gmt":"2024-06-11T14:07:05","slug":"charted-chainlink-link-near-crucial-juncture-10-50-holds-the-key","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/chainlink\/charted-chainlink-link-near-crucial-juncture-10-50-holds-the-key\/","title":{"rendered":"Charted: Chainlink (LINK) Near Crucial Juncture, $10.50 Holds The Key"},"content":{"rendered":"
Chainlink (LINK) started a downside correction from the $11.80 zone against the US Dollar. The price is now trading near a major breakdown support at $10.60 and $10.50.<\/em><\/p>\n In the past few days, there was a decent rise in chainlink (LINK)<\/a> above the $10.00 resistance level. The price even broke the $10.50 and $11.00 resistance levels.<\/p>\n Finally, there was a break above the $11.50 resistance and the price settled well above the 100 simple moving average (4-hours). A high was formed near $11.82 and the price recently started a downside correction.<\/p>\n There was a break below the $11.20 and $11.00 support levels. The price even declined below the 50% Fib retracement level of the upward move from the $10.07 low to $11.82 high. More importantly, it seems like there is a short-term declining channel or a bullish flag forming with resistance near $10.95 on the 4-hours chart of the LINK\/USD pair.<\/p>\n <\/a><\/p>\n On the downside, there is a crucial support near $10.60 and $10.50. The 61.8% Fib retracement level of the upward move from the $10.07 low to $11.82 high is also near $10.70.<\/p>\n On the upside, the bulls are facing a major hurdle near $10.95 and $11.00. A clear break above the $11.00 resistance level could open the doors for a steady increase in the coming sessions. The next immediate resistance is near the $11.50 level, above which the price could rally towards the $12.00 level.<\/p>\n If chainlink\u2019s price fails to clear the $11.00 resistance, it could move down further. A downside break below the $10.60 and $10.50 support levels might increase the risk of a sharp decline.<\/p>\n\n
Chainlink (LINK) Price Rallies 8%<\/h2>\n
Source: LINKUSD on TradingView.com<\/a><\/pre>\n
Downside Break?<\/h2>\n