LINK May Break Out at $6.4 Level

Chainlink awaiting a breakout

Chainlink Price Analysis –09 November

When the buyers push up prices above the resistance level of $9.1, Chainlink may increase to $9.4 and $10.8 resistance levels. In case there is a breakout at the support level of $6.4, the price may reduce toward the support level of $5.6 and $3.5 levels.

LINK/USD Market

Key Levels:

Resistance levels: $8.1, $9.4, $10.8

Support levels: $6.4, $5.6, $3.5

LINK/USD Long-term Trend: Ranging

Chainlink is ranging in the daily time frame. The ranging movement continues in the Chainlink market. The ranging movement has extended to $9.4 resistance level and $6.4 support level. Buyers are trying to push up the coin out of the ranging mode but the resistance level of $9.4 still holds the price. In the same way, the support level of $6.4 still acts as a barrier to the pressure from the sellers. Until there is a breakout and the market trends, ranging movement continues.

chainlink is currently trading below the two EMAs. The 9-periods EMA is below the 21-period EMA. The technical indicator, Relative Strength Index period 14 is at 43 levels with the signal line pointing downwards to support the bearish movement. When the buyers push up prices above the resistance level of $9.1, LINK may increase to $9.4 and $10.8 resistance levels. In case there is a breakout at the support level of $6.4, the price may reduce towards the support level of $5.6 and $3.5 levels.

LINK/USD Medium-term Trend: Bearish

Chainlink is bearish on the 4-hour chart. The pressure of the sellers is increasing in the Chainlink market. The price increased and tested the resistance level of $9.4, it bounced off and breaks down the $8.1 level. Chainlink is heading towards $6.4 support level.

The Chainlink price is below 9-periods EMA and 21-periods EMA. The indicator, Relative Strength Index period 14 confirms that the market is moving down as the signal line point downside at 31 levels.

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