Chainlink Price Prediction: LINK Crypto Faces Retracement Phase, What’s Next?
- The Chainlink token is again moving lower due to aggressive selling on September 28.
- Today, the 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% to 0.0003923 satoshis.
Chainlink crypto caught bulls in recent bullish breakout, now price is moving lower but trading volume is also decreasing. Recently, SWIFT – the interbank messaging system – allows cross-border payments, which works with Chainlink. Everyone is waiting for the price impact of SWIFT partnership with Chainlink cross-chain crypto transfer in upcoming trading sessions.
At the time of writing, Chainlink crypto is trading against USDT at the $7.6 mark at the time of writing. the bear’s presence in the market. Thus, Chainlink crypto belonging to the Bitcoin pair is down 2.6% to 0.0003923 satoshis.
Chainlink cryptocurrency has started to rise from a yearly low, and buyers are barely able to take control of the directional trend. For the past several days, the LINK price has aggressively pursued a high-low structure, positive indication. But despite bulls’ presence in the market, prices are facing a pullback this week.
Due to the recent pullback, Chainlink crypto is retesting the 20-day moving average (blue) today in the context of daily price scale. Bulls again began to manage prices above this support level. In case, if the price moves below this zone, the price may go back to the yearly low again.
Conceptual round level of $10 stands as a key selling point
The RSI indicator retraces halfway as a support. Although the RSI peak observes a bullish and bearish trend line in terms of the daily price scale. In addition, the MACD is gradually moving higher above the neutral zone.
Conclusion
The Chainlink crypto observes just above the 20-day moving average, which acts as an immediate support level. Buyers need to keep asset prices above this level to prevent them from falling sharply.
Resistance level – $8.1 and $9.5
Support level – $7.0 and $5.5
Disclaimer
The views and opinions expressed by the author or any person mentioned in this article are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
