Chainlink Price Analysis – October 30
LINK/USD faces a sharp decline as the bears are gaining strength and aiming for a test of $10.
Resistance levels: $13, $14, $15
Support levels: $9.2, $8.2, $7.2
LINK/USD like many other altcoins; is trading on the negative side. However, the current pullback has been across the board and the coin is taking a strong hit as well. Currently trading below the 9-day and 21-day moving averages after touching the daily high at $11.48, it has dropped from that level to hit the daily low at $10.75.
Where is Chainlink Price Going Next?
On the downside, a move below the lower boundary of the channel; may increase the short-term selling pressure while the next supports may come at a psychological $9.2, $8.2, and $7.2. Meanwhile, any bullish movement above the 9-day and 21-day moving averages may push the coin towards the next resistance at $13, $14, and $15 levels.
On the other hand, the technical indicator could start a new bullish session. Meanwhile, it is not clear how long the session will last because, this month, both bullish and bearish sessions have been frequent. Moreover, the resistance and support levels coupled with the movement of other indicators like the RSI and the MA are to keep eye on.
LINK/BTC Market: Bears are flexing their Muscles
Against Bitcoin, the market price remains within the downside, currently trading at 8149 SAT under the 9-day and 21-day moving averages. However, the daily chart reveals that if the coin can make a cross above moving averages, the bulls may end up dominating the market.
Nevertheless, if the market drops more, the next key supports may likely be at 7100 SAT and below. On the bullish side, a possible rise could push the market above the moving averages and move towards the resistance level of 9400 SAT and above. According to the daily RSI (14), the market may continue the downtrend as the signal line nosedives below the 40-level.