Chainlink Price Analysis – October 22
Chainlink clears the local resistance at $11.0 as the recovery may be extended above the $12.
Resistance levels: $14, $15, $16
Support levels: $9, $8, $7
LINK/USD is indicating an uptrend in the market, hovering above the 9-day and 21-day moving averages around the upper boundary of the channel. Since yesterday, traders have seen Chainlink moving at a high speed in the market. Moreover, the market is recently projecting a volatile movement where LINK/USD is spotted following a bullish movement moderately.
What to Expect from Chainlink (LINK)
Looking at the daily chart, a fall back-formation below the moving averages could bring the price to the support levels of $9, $8, and $7 after breaking below minor support at $10. In other words, considering a continuous upward trend for this pair, LINK/USD could surge above the channel and move towards the resistance levels of $14, $15, and $16 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line moves around the 57-level.
LINK/BTC Market: Consolidating at the Downside
Against Bitcoin, the coin is trading below the 9-day and 21-day moving averages at 8911 SAT. However, if LINK/BTC makes a cross above the upper boundary of the channel, the market may begin to experience a bullish movement. On the upward trend, any additional bullish movement may push the market to the resistance level of 1023 SAT and above.
In other words, if the market drops below the moving averages, the next key supports could be at 7100 SAT and below. Nevertheless, the technical indicator RSI (14) reveals that the market may continue the uptrend if the signal line remains above the 45-level.