• Advertise
  • Submit a Press Release
  • About Us
NewsBTC

Bitcoin & cryptocurrency news

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • CasinosTry
  • Play GamesTry
  • Play Casino GamesTry
  • Best Crypto CasinoTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Ethereum Price Cracks Above $2,000 As BlackRock Eyes ETH ETF
Chainlink (LINK)

Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive

Aayush Jindal by Aayush Jindal
3 years ago
in LINK
Reading Time: 2 mins read

Chainlink (LINK) rallied towards the $26.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now approaching a major support zone at $21.50.

  • Chainlink token price gained pace after it broke $22.00 and it traded towards $26.00 against the US dollar.
  • The price is correcting gains from $25.89 and it is well above the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to find a strong buying interest near the $21.50 and $21.20 levels.

Chainlink (LINK) is Correcting Gains

After a successful break above $22.00, chainlink (LINK) gained bullish momentum above $24.00. The bulls gained strength, resulting in a push above the $25.00 resistance zone.

A new 2021 high was formed near $25.89 and the price settled well above the 100 simple moving average (4-hours). It is currently correcting lower and trading below the $25.00 level. There was a break below the 23.6% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high.

On the downside, there are many important supports forming near $21.50. There is also a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair.

Chainlink (LINK)

Source: LINKUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high. As long as link price is above the $21.50 level, there are chances of a strong increase in the near term. An immediate resistance is near the $24.00 level.

The first major resistance is near $25.00, above which the price is likely to accelerate higher towards the $26.00 and $26.50 levels in the near term.

More Losses?

If chainlink’s price stay above the $21.50 support, there is a risk of a larger decline. The next major support below $21.50 is near the $20.50 level.

Any more losses below the $20.50 level may possibly put the $20.00 support at risk in the near term. In the stated case, the price could revisit the $18.50 support.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently just below the 50 level.

Major Support Levels – $21.50, $21.20 and $20.50.

Major Resistance Levels – $24.00, $25.00 and $26.00.

Tags: LINKBTCLINKUSDlinkusdt
Tweet123Share196ShareSend
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

Related Posts

chainlink link price

LINK Price Pumps 40% In Three Days, Why Bulls Are Not Done Yet

2 months ago
Chainlink LINK price

LINK Price Primed For Meteoric Rise: Analyst Predicts 130% Rally To $18

2 months ago
LINK

Chainlink (LINK) Brushes Off Market Downtrend, Scores 11% In Last Week

2 months ago
LINK Price Prediction

LINK Price Extends Increase, Will Chainlink Bulls Be Able to Hit $8.5 Milestone?

2 months ago
chainlink

Chainlink (LINK) Spikes 6% On The Weekly Chart As Market Sees Correction

2 months ago
81 Fresh Binance Wallets Withdraw $31.58 Million LINK

81 Binance Wallets Withdraw $31 Million In LINK, What This Mean For The Altcoin

3 months ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit
Inmerion

Inmerion

Review · Visit

Press Releases

  • Can Best Binary Options Brokers Capitalize on US Inflation...

    10 hours ago
  • Join the revolution: eTukTuk presale paves a fossil...

    10 hours ago
  • The most awaited DeFi project of 2024 Retik Finance (RETIK)...

    12 hours ago
  • The Bull Market Is Back! Crypto Presale Doge Uprising...

    13 hours ago
  • Become a Casino Owner With $SCORP and Earn Daily Passive...

    16 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
      • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Casinos
  • Play Games
  • Play Casino Games
  • Best Crypto Casino

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.