Chainlink Price Analysis – October 9
Chainlink clears above the moving averages but the recovery may not be extended above the resistance level of $12.
Resistance levels: $12, $13, $14
Support levels: $7.5, $6.5, $5.5
LINK/USD is currently hovering above the 9-day and 21-day moving averages. The technical indicator RSI (14), for instance, is currently moving near the 50-level since October 6. The buyers seem to be gaining traction due to enough trading volume that is needed to sustain gains to $10. Meanwhile, the more the price delays the spike above $12, the stronger the sellers become.
Chainlink Breakout Seems Sustainable
The technical indicator could continue the bullish session in the next few trading days. It is, however, not clear how long the session will last because, since the beginning of this month, both bullish sessions have been frequent. Therefore, it is important to watch the resistance levels coupled with the movement of both technical indicator RSI (14) and the moving averages.
On the downside, a bearish movement below the moving averages may bring back the short-term selling pressure while the next supports may come at a psychological $7.5, $6.5, and $5.5. Meanwhile, any further bullish movements across the upper boundary of the channel may hit the next resistance at $12, $13, and $14 levels
LINK/BTC Market: The Bulls Are Warming Up
When compares with BTC, the market price is hovering above the 9-day and 21-day moving averages, currently trading at 9135 SAT. Looking at the daily chart, if LINK/BTC makes a cross above the upper boundary of the channel, traders can now say the bulls have come back fully into the market.
However, if the market drops below the moving averages, the next key supports could be at 7200 SAT and below. On the bullish side, an additional bullish trend could push the market to the resistance level of 1100 SAT and above. Meanwhile, the daily RSI (14) reveals that the market may continue the uptrend if the signal line remains above 45-level.