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- Chainlink token is again moving lower due to aggressive sell-off on September 28.
- Today, LINK token is retesting the 20 day moving average during the retracement phase.
- The Chainlink crypto belonging to the Bitcoin pair is down 2.6% at 0.0003923 satoshis.
Chainlink crypto trapped bulls in recent bullish breakout, now price is moving lower but trading volume is also decreasing. Recently the SWIFT— the interbank messaging system—allows for cross-border payments, which is working with Chainlink. Everyone awaits for the price impact of SWIFT partnership with Chainlink cross-chain crypto transfer in upcoming trading sessions.
At the time of writing, Chainlink crypto against the USDT is trading at $7.6 mark at the time of writing .altcoin is again moving lower due to aggressive sell-off on September 28. This day was extremely volatile in the last 60 days, showing a bear’s presence in the market. Thus Chainlink crypto belonging to the Bitcoin pair is down 2.6% at 0.0003923 satoshis.
Chainlink cryptocurrency has begun to rise after an annual low, and buyers barely manage to take control of the directional trend. For the past many days, the LINK price has been aggressively pursuing a high-low structure, positive indication. But despite bulls’ presence in the market, prices face pullback this week.
Because of the recent pull back, the Chainlink crypto is retesting the 20 day moving average (blue) today in the context of daily price scale. Bulls again started to manage prices above this support level. In case, if price moves below this zone, price may revisit the annual low again.
Conceptual Round Level of $10 Stands as a Key Selling Point
RSI indicator is revesting halfway as a support. Although RSI peak is observing a bullish and bearish trendline in terms of the daily price scale. In addition, MACD moves gradually higher above the neutral zone.
Conclusion
The Chainlink crypto is observing just above the 20 day moving average, which acts as an immediate support level. Buyers need to maintain asset prices above this level to prevent themselves from steep decline.
Resistance level- $8.1and $9.5
Support level- $7.0 and $5.5
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
