Credit: Original article published by Coingape.

chainlink

  • Chainlink breaks several barriers becoming the week’s most improved altcoin.
  • LINK/USD price action narrows under a descending trendline resistance as reversal builds momentum.

Chainlink has been on most of the cryptocurrency traders and enthusiasts’ minds since the weekend session. The altcoin has not only broken several barriers but also attracted a great amount of volume to back the bullish action. Although the entire cryptocurrency market has been bullish since mid-July, most tokens have slowed down the uptrend. However, Chainlink has remained unstoppable in the push for new highs.

On Sunday, LINK attracted a higher volume than Bitcoin (BTC) on Coinbase (a leading cryptocurrency exchange platform in the US). The surge in volume was also reflected by the consistent rising of the price first breaking the barrier at $10 and sustaining gains towards $15.

LINK/USD topped the resistance at the 61.8% Fibonacci retracement level taken between the last drop from $14.53 to the lower level at $9.12. Although aiming for levels closer to $20, LINK hit a barrier within a whisker of $15.

Read more: Chainlink [LINK] Pumps on Reverse Psychology? Over $50 Million in Shorts Liquidated

LINK/USD 1-hour chart

LINK/USD price chart by Tradingview

A reversal has, however, been underway with LINK/USD narrowing under a descending trendline. Chainlink seems to be settling for consolidation above the 61.8% Fibonacci level ($12.50). It is teetering at $14.53 while its immediate upside is capped by the 50 SMA in the hourly range.

A break above the trendline resistance could eventually resume the uptrend with gains past $15.00 moving closer to the ultimate resistance at $20. For now, consolidation above the 61.8% Fibo level seems like the best approach. It will allow the buyers to gather more strength in order to have more volume while staging an attack beyond the trendline resistance. Sideways action is brought to light by the RSI and the MACD indicators.

Read more: Chainlink [LINK] Records New High As Other Prominent Coins Record Slump

Chainlink Intraday Levels

Spot rate: $13.23

Percentage change: -1.81%

Relative change: -0.27

Trend: Bearish bias

Volatility: Expanding

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

Categories:

Tags:

No responses yet

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    Translate

    Visit Our Other Websites

    EdgyBranding.com - Premium Domain Names.

    Dexize.com - Ultra-Priviate DEX.

    ClassicAutomobile.org - Classic Automobile News.