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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Chainlink (LINK) Nosedives 10%: Here’s Why It Could Tumble Below $10

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Chainlink (LINK)

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Chainlink (LINK) is down 10% and it broke the key $11.30 support zone against the US Dollar. The recent breakdown suggests high chances of more losses below $10.00 and $9.50.

  • Chainlink token price failed to clear the $13.50 resistance and declined steadily against the US dollar.
  • The price is now trading below the key $11.30 support and the 100 simple moving average (4-hours).
  • There was a break below a major contracting triangle with support near $11.80 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The pair remains at a risk of a sharp decline below the $10.00 and $9.50 support levels in the near term.

Chainlink (LINK) is Diving

After a sharp decline, chainlink (LINK) found support near the $9.20 level against the US Dollar. The price started a decent recovery wave above the $11.00 and $12.00 levels, but it failed to clear the $13.50 resistance zone.

It even remained well below the $14.00 pivot level and the 100 simple moving average (4-hours). Conversely, there were positive moves in bitcoin above $10,700 and Ethereum remained well bid above the $355 support.

LINK is currently declining and it broke the 50% Fib retracement level of the upward move from the $9.20 low to $13.43 high. More importantly, there was a break below a major contracting triangle with support near $11.80 on the 4-hours chart of the LINK/USD pair.

Chainlink (LINK)

LINK price breaks $11.000. Source: TradingView.com

The pair is now trading below the key $11.30 support and the 100 simple moving average (4-hours). It is testing the 61.8% Fib retracement level of the upward move from the $9.20 low to $13.43 high.

It seems like the bulls might struggle to protect losses and the price might decline further below $10.50. The next key support is near the $10.00 level, below which the bears are likely to aim a new monthly low below the $9.20 level.

Upsides Likely to be Capped?

If chainlink’s price starts an upside correction, the price might face sellers near the $11.30 level (the recent breakdown zone and now a major hurdle).

The main hurdle is near the $13.00 level and the 100 simple moving average (4-hours). A close above the $13.00 and $13.50 resistance levels is must to start a steady recovery wave in the near term.

Technical Indicators

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

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is well below the 35 level.

Major Support Levels – $10.50, $10.00 and $9.20.

Major Resistance Levels – $11.30, $13.00 and $13.50.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
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