Chainlink Losing the Positive Momentum Which Reached to $11.00

  • Chainlink is facing a significant downtrun in the crypto market for the past couple of days 
  • The LINK/BTC pair is facing a loss of 3.07% bringing the current level to 0.00082632 BTC
  • The LINK/ETH pair is also having negative momentum of -2.24% bringing the current level to 0.02567015 ETH

Chainlink broke below the crucial level of $9.00 on Wednesday’s market session with a significant downtrend causing an overall loss of -4.00%. The market capitalization stands at $3,070,419,703 with the 24-hour volume traded of $1,184,424,767. The altcoin is gradually reaching its critical support area which is around $8.00 on the downside. 

Source: coinmarketcap

The intraday price chart reflects on the downtrend faced by chainlink from the past few days.  The negative momentum started after reaching the critical resistance level of $11.00. In between the downtrend, the price levels sustained on the technical support of $9.20, however, the bears came back stronger then forced the altcoin to break below the price level of $9.00. 

Technical Levels are Broken Down for Chainlink 

Source: Tradingview
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The technical chart reflects on the magnitude of the downtrend faced by chainlink from the start of September between which there’s an unsustained price recovery momentum. The levels are dropping to the support level of $9.00 tested the resistance placed at 0.236fib level on the upside which resulted in price reversals. The altcoin has the potential to test the fib level again and might have less magnitude of reversal or even can break the resistance if the overall market sentiment favors. 

Both RSI and CCI levels are showing signs of revival in the levels with a positive momentum built at the tip of the respective levels. RSI is currently held at 38.28 where CCI is placed at -94.94. 

However, MACD levels suggest that there is more negative momentum to be faced by the cryptoasset with a bearish crossover and downtrending levels. 

RESISTANCE LEVEL: $9.50 & $11.00

SUPPORT LEVEL: $8.50 & $7.80 

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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