Rajarshi Mitra
Independent Analyst
- Chainlink fell after encountering heavy resistance.
- The bears aim to take LINK down to $11.
Chainlink rose from $10.25 on November 5 to $13.45 on November 6 before dropping back to $11.75 the next day. As of writing, LINK is in a pretty precarious position that could define its price action in the days to come.
Chainlink breaks below ascending triangle
Chainlink has been trending in the 4-hour chart since November 7. LINK has been on an upswing, with the buyers aiming for the $13.45 resistance level. However, the bears managed to take control and dip the price below the triangle formation. As per technical analysis, the price target for the sellers is around $11.
LINK/USD 4-hour chart
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) helps us visualize strong support and resistance levels. The IOMAP shows us a strong resistance barrier between $12.50 to $13.25. On the downside, the decentralized oracle network has a healthy support wall at $11.25. A break below that takes LINK to $10.85. This validates our predetermined price target of $11.
LINK IOMAP
The number of addresses entering the network over the last month reached a high of 3,080 on November 7. Since then, this number dipped to 2,210, before rising to 2,440. This is a positive sign as it shows that the network is growing.
LINK addresses
If the buyers take back control, they will take the price up to $12.50 before encountering strong resistance. If the bears remain in control, then one can LINK to drop till the $11-mark.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ethereum dips slightly amid Renzo depeg, BlackRock spot ETH ETF amendment
Ethereum (ETH) suffered a brief decline on Wednesday afternoon despite increased accumulation from whales. This follows Ethereum restaking protocol Renzo restaked ETH (ezETH) crashing from its 1:1 peg with ETH and increased activities surrounding spot Ethereum ETFs.
Injective price weakness persists despite over 5.9 million INJ tokens burned
Injective (INJ) price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.
US intensifies battle against crypto privacy protocols following crackdown on Samourai Wallet
CEO Keonne Rodriguez and CTO William Lonergan of Samourai Wallet were arrested by the US Department of Justice (DoJ) on Wednesday and charged with $100 million in money laundering on a count and illegal money transmitting on another count. This move could see privacy-focused cryptocurrencies take a dip.
Near Protocol Price Prediction: NEAR fulfills targets but a 10% correction may be on the horizon
Near Protocol price has completed a 55% mean reversal from the bottom of the market range at $4.27. Amid growing bearish activity, NEAR could drop 10% to the $6.00 psychological level before a potential recovery. A break and close above $7.95 would invalidate the downleg thesis.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?