Chainlink Price Analysis – September 17
The Chainlink (LINK) has been decreasing alongside a descending resistance line since its Aug 16 all-time high of $19.9.
Resistance levels: $14, $16, $18
Support levels: $8, $6, $4
At the time of writing, Chainlink is trading down over 1.46% at its current price of $10.84. This marks a notable decline from recent highs of $12 that was set yesterday. According to the technical indicator RSI (14), the trading range that LINK has been establishing in the last three days still exists between $10.45 and $12.0 respectively.
What is the Next Direction for Chainlink (LINK)?
If the $10 level doesn’t hold strong as support, a break below it could spark a capitulatory plunge that may cause the crypto to see a serious loss. This potential decline could be similar to that seen in early this month when LINK/USD dove to lows of $9.00 before rebounding again. More so, the support levels to watch for are located at $8, $6, and $4 respectively.
Meanwhile, LINK/USD has been recently trading between support and resistance at $10.45 and $13.30 as the remains below the 9-day and21-day moving averages. More so, according to the breakdown from a bullish pattern, it would be more likely for the price to retrace all the way to the $10 support area outlined in the previous section before reaching the potential resistance at $14, $16, and $18 levels.
LINK/BTC Market: Keeps following the Downtrends
Against Bitcoin, the Chainlink price remains within the descending channel as the coin is seen trading below the 9-day and 21-day moving averages at 9812 SAT. Looking at the daily chart, if the bulls can regroup and push the coin above moving averages, they may end up controlling the market.
In other words, if the market keeps dropping, the next key supports may likely be at 7400 SAT and below. On the bullish side, a possible rise could push the market towards the resistance level of 1250 SAT and above. The RSI (14) nosedives below 40-level, suggesting more bearish signals.