The $5.75 support area is holding for Chainlink’s LINK price. If it moves past the $6.25 resistance area, the price may begin a new rise.
$GLXY on the CAD side we are around support
6 CAD is an important support level that has been holding since Aug.
The actual support area is 5.75 to 6 CAD
— Gally Sama (@hdcharting) October 19, 2022
- The price of a Chainlink token is rising above $6.0 about the US dollar.
- The price is trading above both the $6.05 mark and the 4-hour 100 SMA.
- On the 4-hour chart of the LINK/USD pair (information sourced from Kraken), a significant bearish trend line is developing with resistance located close to $6.10.
- If the price rises above the $6.25 resistance level, it might start to trend upward.
Chainlink (LINK) Price Eyes Fresh Recovery
Following a sharp decrease, the LINK price against the US dollar regained support at the $5.75 area. The price has reached a low of $5.74 and is currently attempting a recovery wave similar to those seen in Bitcoin and Ethereum.
#Chainlink is gonna be a monopoly in web3 infra services
With just price feeds service, 51% of protocols use CL
Many won't need price feeds, VRF, etc but they ALL want to be crosschain. Yes #CCIP
— David Miller ⬡ 𐤊 (@CryptoDavid_) August 26, 2023
Above the $5.85 and $6.00 levels, there was a respectable move. LINK is currently trading above both the $6.05 mark and the four-hour 100-day simple moving average. On the upside, there are numerous obstacles starting at $6.10. On the 4-hour chart of the LINK/USD pair, a significant negative trend line with resistance near $6.10 is also developing.
The $6.65 and $6.80 levels may be reached if there is a clean break above $6.25. The price could return to $7.50 if it surpasses the next significant resistance, which is close to the $7.10 mark.
Another Decline Losses?
In the event that Chainlink’s price is unable to surpass the $6.25 resistance level, a negative extension can occur. Near $6.00 is where initial support on the downside is located.
Tis a mere 1% unemployment rate increase, how bad could it be? 4.7% unemployment is a "strong labor market" according to Chair Powell.
Tell that to folks who were losing their jobs in the summer of 2001. Participation decline masked scale of job losses (lasted another 2yrs!) pic.twitter.com/7EZpAtNvpi
— Skanda Amarnath (@IrvingSwisher) December 14, 2022
The price may test the $5.60 level below the next significant support, which is located close to the $5.75 level. In the near future, any further losses can push the price in the direction of $5.35.