LINK/USD Range-bound as Price Hovers at $19.6 – Cryptovibes.com – Daily Cryptocurrency and FX News
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Chainlink Price Analysis – December 19
The Chainlink price is currently crossing above the 9-day moving average to move higher as the coin aims next resistance level.
LINK/USD Market
Key Levels:
Resistance levels: $25, $27, $29
Support levels: $15, $13, $11
At the time of writing, Chainlink is trading sideways with a 0.26% gain at its current price of $19.64. This marks a slight rise from recent low of $19.20 that was set during the European session today. According to the technical indicator Relative Strength Index (14), the Chainlink price may continue to move sideways if the signal line remains above 40-level.
Chainlink Price Analysis: Way Forward for Chainlink (LINK)
If the $19 support level failed to hold strong, a break below the 9-day moving average could spark a capitulatory plunge that may cause the crypto to see another serious loss. However, this critical decline could be similar to that seen in the last few weeks when LINK/USD dove to a low of $16.7 before rebounding again. At the moment, the support levels are located at $15, $13, and $11 respectively.
However, the Chainlink price is now hovering between support and resistance at $19 and $20 as the market price moves within the 9-day and 21-day moving averages. According to the breakdown from a bullish pattern, it would be more likely for the price to retrace below the 9-day MA before reaching the potential resistance levels at $25, $27, and $29 respectively.
LINK/BTC Market: Keeps Moving Downward
Against Bitcoin, the Chainlink price remains within the channel as the coin moves above the 9-day and 21-day moving averages at 4154 SAT. Looking at the daily chart, if the bulls can regroup and push the coin towards the upper boundary of the channel, they may end up controlling the market.
However, if the market drops below the 9-day and 21-day moving averages, the next key supports may likely be at 3900 SAT and below. On the other hand, a possible rise could keep the market above the 9-day and 21-day MAs, cross above the upper boundary of the channel may cause the coin to reach the resistance level of 4500 SAT and above. Meanwhile, the Relative Strength Index (14) moves around 48-level, suggesting sideways movement.
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