{"id":449930,"date":"2020-11-16T23:00:59","date_gmt":"2020-11-16T23:00:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=449930"},"modified":"2024-06-11T14:08:27","modified_gmt":"2024-06-11T14:08:27","slug":"bears-control-chainlink-as-long-as-it-holds-below-one-crucial-level-analyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/chainlink\/bears-control-chainlink-as-long-as-it-holds-below-one-crucial-level-analyst\/","title":{"rendered":"Bears Control Chainlink as Long as It Holds Below One Crucial Level: Analyst"},"content":{"rendered":"
Chainlink has been holding strong throughout the past few days and weeks around $13.00, with the selling pressure here stopping the cryptocurrency from seeing any intense momentum throughout the past few days and weeks.<\/p>\n
LINK has been closely tracking Ethereum\u2019s price<\/a> action as of late, which caused it to see a sharp selloff yesterday that has since been erased by bulls.<\/p>\n The crypto is still stuck below its near-term resistance at $13.00, and until it can break above this level it may continue facing some consolidation in the days and weeks ahead.<\/p>\n A break above this level would be significant and help spur further upside, but it may not be enough to shift its trend back into bulls\u2019 favor.<\/p>\n One trader is now noting that $13.75 is the crucial level he is watching. Until it can break above this level, the cryptocurrency could see significantly further sideways trading in the days and weeks ahead.<\/p>\n Whether or not it can break above this level will likely depend largely on Ethereum and the aggregated altcoin market.<\/p>\n At the time of writing, Chainlink is trading up 5% at its current price of $12.75. This marks a notable surge<\/a> from daily lows of $11.80 set in tandem with Ethereum\u2019s decline to $440.<\/p>\n These lows were short-lived, and buyers aggressively reversed this downtrend and sent its price back up to where it has been trading throughout the past few days and weeks.<\/p>\n $13.00 remains a strong resistance level for LINK, as every break above this level in recent times has been met with inflows of selling pressure.<\/p>\n If this level is flipped into support, it could help catapult the crypto significantly higher.<\/p>\n While sharing his thoughts on where Chainlink might trend<\/a> in the near-term, one analyst explained<\/a> that he is closely watching $13.75.<\/p>\n A break above this level could put LINK into bull territory, with bears having the edge so long as it trades below here.<\/p>\n \u201cStill acting inside resistance here. Flipping $13.75 and I’ll turn bullish. Until then, I’m not,\u201d he said while pointing to the below chart.<\/p><\/blockquote>\n <\/p>\n The coming few days should provide some insight into where altcoins like Chainlink will trend in the days and weeks ahead.<\/p>\n Ethereum must show continued strength for LINK to break its crucial near-term resistance levels.<\/p>\n Chainlink has been holding strong throughout the past few days and weeks around $13.00, with the selling pressure here stopping the cryptocurrency from seeing any intense momentum throughout the past few days and weeks. LINK has been closely tracking Ethereum\u2019s price action as of late, which caused it to see a sharp selloff yesterday that has since been erased by bulls. The crypto is still stuck below its near-term resistance at $13.00, and until it can break above this level it may continue facing some consolidation in the days and weeks ahead. A break above this level would be significant and help spur further upside, but it may not be enough to shift its trend back into bulls\u2019 favor. One trader is now noting that $13.75 is the crucial level he is watching. Until it can break above this level, the cryptocurrency could see significantly further sideways trading in the days and weeks ahead. Whether or not it can break above this level will likely depend largely on Ethereum and the aggregated altcoin market. Chainlink Remains Stuck Below Key Level as Sellers Stay in Control At the time of writing, Chainlink is trading up 5% at its current price of $12.75. This marks a notable surge from daily lows of $11.80 set in tandem with Ethereum\u2019s decline to $440. These lows were short-lived, and buyers aggressively reversed this downtrend and sent its price back up to where it has been trading throughout the past few days and weeks. $13.00 remains a strong resistance level for LINK, as every break above this level in recent times has been met with inflows of selling pressure. If this level is flipped into support, it could help catapult the crypto significantly higher. Analyst: LINK Not Bullish Until It Breaks $13.75 While sharing his thoughts on where Chainlink might trend in the near-term, one analyst explained that he is closely watching $13.75. A break above this level could put LINK into bull territory, with bears having the edge so long as it trades below here. \u201cStill acting inside resistance here. Flipping $13.75 and I’ll turn bullish. Until then, I’m not,\u201d he said while pointing to the below chart. Image Courtesy of Crypto Micha\u00ebl. Source: LINKUSD on TradingView. The coming few days should provide some insight into where altcoins like Chainlink will trend in the days and weeks ahead. Ethereum must show continued strength for LINK to break its crucial near-term resistance levels. Featured image from Unsplash. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":449932,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83381],"tags":[75941,75940,79480],"class_list":["post-449930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chainlink","tag-linkbtc","tag-linkusd","tag-linkusdt"],"acf":[],"yoast_head":"\nChainlink Remains Stuck Below Key Level as Sellers Stay in Control<\/strong><\/h2>\n
Analyst: LINK Not Bullish Until It Breaks $13.75<\/strong><\/h2>\n
Image Courtesy of Crypto Micha\u00ebl. Source: LINKUSD on TradingView<\/a>.<\/pre>\n
Featured image from Unsplash.\r\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"