Chanlink Is Rising, Will It Sustain the Upward Move to $3.0?

Chanlink Is Rising, Will It Sustain the Upward Move to $3.0?

Key Resistance levels: $3.0, $3.50, $4.0

Key Support Levels: $2, $1.50, $1.0

 

LINK/USD Long-term Trend: Bearish
Chainlink has fallen to $1.85 after being resisted at the $3.0 price level. In retrospect, Chainlink was in a bull market in June when it reached a high of $3.50. However, the bulls were resisted at the coin nosedived to $2.0 low in July. After a retest at $2.50, the selling pressure continued as the coin fell to the low of $1.50.

Buying resumes at a lower level as the coin commences an upward move to the previous high. The upward movement was interrupted at $3.0 resistance. LINK fell to the current price level. Nonetheless, the downtrend will resume, if the selling pressure resumes and breaks the $1.50 support.

LINK/USD - Daily Chart

Daily Chart Indicators Reading:
LINK is currently in a bullish momentum as the market is above the 25% range of the daily stochastic. There is a likelihood that LINK will rise and may not necessarily fall below the previous low at $1.50. The Fibonacci tool indicates that LINK will trade and reverse at the 1.272 extension level. This was as a result of the retraced candlestick body at the 0.786 retracement level.

BSV/USD Medium-term bias: Bearish
On the 4-hour chart, LINK is falling in a descending channel. The coin fell to the support of the channel and moved up. The coin will sink if the support line is broken. Alternatively, a break above the resistance line will propel the coin to a high of $2.20. Meanwhile, the market is falling after testing the resistance line.

LINK/USD - 4 Hour Chart

4-hour Chart Indicators Reading
The RSI period 14 level 47 indicates that the coin is below the centerline 50 which indicates that the coin is likely to fall. The 21-day and 50-day SMA are sloping southward indicating that the coin is falling.

General Outlook for Chainlink (LINK)
Chainklink is still under bear control. The pair can slide into depreciation once the $1.50 support is breached. Alternatively, the coin will rise, if it breaks above the 12-day and 50 –day SMA. Presently, the coin is in a bullish momentum as the market is above 25% range. A break above $2.50 will be the commencement of a bullish trend.

LINK Trade Signal
Instrument: LINKUSD
Order: Buy Limit
Entry price: $1.50
Stop: $1.0
Target: $3.0

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Author : Azeez Mustapha

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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.