Chainlink Price Analysis – November 5
Chainlink needs to clear above the moving averages as the coin failed to cross above this barrier.
Resistance levels: $13, $14, $15
Support levels: $8.5, $7.5, $6.5
LINK/USD is currently hovering towards the 9-day and 21-day moving averages. As the daily chart reveals, the bulls seem to be gaining traction due to enough trading volume that is needed to sustain the gains above the $10 resistance level. The last 24-hours of trading have been impressive as the LINK/USD price rises above a tough resistance which has held the bulls for some days now.
What to Expect from Chainlink (LINK)
From the look of things outlook, the Chainlink market is gradually playing out on a bullish move as the market carved a rising channel since September 24. The buyers appeared to be gaining momentum after the market recently tests the lower channel at $10. Looking at the daily chart, a fall back-formation below the channel could bring the price to the support levels of $8.5, $7.5, and $6.5.
In other words, considering a continuous upward trend for this pair, LINK/USD could surge towards the upper boundary of the channel to reach the resistance levels of $13, $14, and $15 on a long-term bullish. The RSI (14) is looking bullish at the moment as the signal line moves above the 45-level.
LINK/BTC Market: Consolidating towards the Downside
When compares with Bitcoin, the coin is seen trading under the 9-day and 21-day moving averages at 7127 SAT. However, if LINK/BTC makes another cross below the lower boundary of the channel, the market may begin to continue a downward movement. On the upward trend, any bullish movement above the moving averages may push the market to the resistance level of 8400 SAT and above.
In other words, if the market drops below the channel, the next key supports could be at 5700 SAT and below. Nevertheless, the technical indicator RSI (14) reveals that the market may continue the downtrend as the signal line focus on the oversold region.