Chainlink at the Neck or Break Level of $11?

  • The altcoin trading at the level of $10.90 near its resistance of $11.00 with the increment of 6.13%
  • Positive momentum is built in the coin from the level of $8.47 and gained 16% in the last 7-days with the indicator in its favour 
  • A positive global sentiment helped the crypto market trade with strength 
Screenshot from 2020 10 12 12 00 05
Source: Tradingview

Chainlink is trading at the level of $10.90 rose about 6.10% in the last 24-hours with volume traded of $1,343,377,394 and the market capitalization of $3,816,487,518.

The coin has a minor support at the level of $8.47 and strong support at the level of $7.47. The coin has bounced from the level of $8.47 and had shown a bullish move to the level of $10.90. However the level $11.00 acts as the resistance of it.

Screenshot from 2020 10 12 12 28 39
Screenshot from 2020 10 12 12 28 39
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Relative Strength Index (RSI) of the token indicates the volatility in the coin.The RSI level of the currency trading at the level 67.09 and RSI shown a bullish move after touching the overbought zone as the price recovery is seen in the coin. Likewise after touching the level of overbought it correct little bit and now trading at 67.50 RSI level 

Commodity Channel Index (CCI) the coin’s trading at 97.2 CCI level and the indicator of the coin figures out the volatility in the coin.

Source tradingview
Source tradingview

Moving Average Convergence Divergence (MACD) gives multiple crossovers on the MACD chart and a flat crossover is observed over the chart of indicator waiting for a breakout in the price.

The support of Chainlink: $10.50 

Resistance: $11

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Pratik Chadhokarhttp://www.thecoinrepublic.com
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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