- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.