LINK/USD Moves to Cross Above $17 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Chainlink Price Analysis – February 4
At the time of writing, the Chainlink price is suffering under the influence of the bears as the coin moves sideways.
LINK/USD Market
Key Levels:
Resistance levels: $21, $23, $25
Support levels: $11, $9, $7
The daily chart reveals that LINK/USD continues to move below the 9-day and 21-day moving averages and the price may likely hit the critical support levels at $11, $9, and $7 if the coin is found moving towards the lower boundary of the channel. Therefore, it is important to note that the Chainlink price remains on a short-term downtrend in as much as the 9-day MA remains above the 21-day MA.
Chainlink Price Analysis: LINK Price Could Go Higher
As the daily chart reveals, the Chainlink price stays below the moving averages but any bullish movement across this barrier may take the price to the potential resistance level of $20.
However, if buyers can overcome this level, the resistance levels of $21, $23, and $25 may come into play in the long run. Meanwhile, a surge of volatility may likely come to focus as the technical indicator Relative Strength Index (14) may cross above 40-level, suggesting a further rise in prices within the market.
LINK/BTC Market: Price Moves Sideways
Against Bitcoin, Chainlink is moving sideways over the past days as the price action stay around the 9-day moving average. Now, LINK/BTC appeared non-volatile as the price aims to focus on sideways movement, moving in the same direction within the market. As it is now, the LINK price is likely to go down and crossing below the lower boundary of the channel may hit the support level of 3500 SAT and below.
However, the buyers may regroup with a potential break above the 21-day moving average and if such a scenario occurs, the Chainlink price may go as high as 5300 SAT and above. On the long-term outlook, LINK/BTC keeps ranging as a rebound is possible if the current market value can act strong. Meanwhile, the Relative Strength Index (14) stays above 40-level, suggesting sideways movement.
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