Price Analysis

Chainlink (LINK) Rejects $14.65 Resistance Traders On High Alert

Chainlink(LINK) on Wednesday started red, with a price down to 4.26% LINK has formed a downward trajectory. Breaking one strong support at $14.2 and a crucial support at $14.17 downtrend continues to settle at $13.8, Currently. 

Bulls are on alert as the price navigates to seek support between $12- $13. 

The LINK/USDT 4-hour chart gives a bounceback outlook with strong strong support. The downward channel indicates a bullish breakout and a trend reversal signal.  With RSI hovering at neutral and oversold condition the price will head to an accumulation zone of $13. 

Traders watch out for the $13 level for a breakout, any direction upside or downside from here will have the price moving rapidly in the same direction. Most concerning here would be the MACD is below the signal Line. 

Trend traders can take entry anywhere at $12.08 to $13 with the same stop loss after watching the breakout. 

Chainlins Fundamentals Holding The Bars 

Despite Bitcoin LINK projected a weak performance with a weekly low of nearly 25% the Cross-Chain Interoperability Protoco is performing on a neutral RSI( No overbought or oversold condition). This neutral market sentiment balanced after chainlinks notable fundamentals. 

  • Chainlink was selected to be the tech partner to develop and manage Hongkong Dollars Stablecoin (HKDR)
  • A recent report by Intotheblock revealed that Chainlink managed to have negative netflow from exchanges, showing signs of accumulation. 

SOURCE

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