- Chainlink buyers are working extremely hard to keep the price above $15 after hitting a wall at $15.5.
- LINK/USD could settle for consolidation signaled by the MACD’s leveling motion.
Chainlink is trading above $15 after the bulls staged an impressive recovery from the weekly low traded at $13.5. The price action found another boost after overcoming a stubborn descending trendline resistance. LINK/USD stepped marginally above $15.5 but could not sustain gains towards the next hurdle at $16.
At the time of writing, LINK is trading at $15.30 amid increasing selling activity mainly because buyers were not able to contain the gains above $15.50. The immediate downside is supported by the 200 SMA in the 1-hour range. If Chainlink breaks down under this initial support, the price could plunge further to test $15.00.
The technical levels at the time of writing, highlight a strengthening bearish grip. The RSI in this case is diving back to the midline after failing to maintain the trend eying the overbought region. The MACD is leveling slightly above the mean line which shows that consolidation would take over, especially if support at $15 holds. However, if push comes to shove and losses extended further, the 50 SMA at $14.74 will come in handy to cushion the bulls from approaching the next support at $14 and $13.50 respectively.
LINK/USD 1-hour chart
Reprinted from fxstreet , the copyrights all reserved by the original author.
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