{"id":4750,"date":"2020-09-25T07:28:08","date_gmt":"2020-09-25T07:28:08","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=439635"},"modified":"2020-09-25T07:28:08","modified_gmt":"2020-09-25T07:28:08","slug":"chainlink-link-rallies-20-but-heres-why-it-could-reverse-gains","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/chainlink-link-rallies-20-but-heres-why-it-could-reverse-gains\/","title":{"rendered":"Chainlink (LINK) Rallies 20%, But Here\u2019s Why It Could Reverse Gains"},"content":{"rendered":"<p><em>Chainlink (LINK) recovered sharply from the $7.35 support zone against the US Dollar. The recent rally is now facing a strong resistance near the $10.00 zone and the 100 SMA (H4).<\/em><\/p>\n<ul>\n<li>Chainlink token price started a strong upward move from the $7.32 low against the US dollar.<\/li>\n<li>The price is now facing hurdles near the $10.00 resistance and the 100 simple moving average (4-hours).<\/li>\n<li>There was a break above a crucial bearish trend line with resistance near $9.00 on the 4-hours chart of the LINK\/USD pair (data source from Kraken).<\/li>\n<li>The pair is likely to reverse gains if there is no upside break above $10.00 and $10.50.<\/li>\n<\/ul>\n<h2>Chainlink (LINK) is Recovering<\/h2>\n<p>In the past few days, there was a steady decline in chainlink (LINK) below the $10.00 support zone against the US Dollar. The price even broke the $8.50 support level and settled well below the 100 simple moving average (4-hours).<\/p>\n<p>Today, <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/25\/bitcoin-recovery-runs-into-crucial-resistance\/\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> and <a href=\"https:\/\/www.newsbtc.com\/2020\/09\/25\/ethereum-recovers-sharply-355-a-major-hurdle\/\" target=\"_blank\" rel=\"noopener noreferrer\">Ethereum<\/a> started a steady recovery above $10,550 and $340 respectively. LINK price also recovered sharply from the $7.32 low and it climbed nicely above the $8.50 and $9.00 resistance levels.<\/p>\n<p>There was also a break above a crucial bearish trend line with resistance near $9.00 on the 4-hours chart of the LINK\/USD pair. The pair broke the 23.6% Fib retracement level of the downward move from the $13.31 high to $7.32 low.<\/p>\n<p><a href=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2.png\"><img decoding=\"async\" loading=\"lazy\" width=\"1828\" height=\"868\" class=\"alignnone size-full wp-image-439636\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2.png\" alt=\"Chainlink (LINK)\" srcset=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2.png 1828w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-460x218.png 460w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-860x408.png 860w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-768x365.png 768w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-1536x729.png 1536w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-750x356.png 750w, https:\/\/www.newsbtc.com\/wp-content\/uploads\/2020\/09\/Chainlink-LINK-2-1140x541.png 1140w\" sizes=\"(max-width: 1828px) 100vw, 1828px\" \/><\/a><\/p>\n<pre>LINK price rallies to $10.00. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/LINKUSD\/\" target=\"_blank\" rel=\"noopener noreferrer\">TradingView.com<\/a><\/pre>\n<p>However, the price is now facing a couple of important hurdles near $10.00. The 50% Fib retracement level of the downward move from the $13.31 high to $7.32 low seems to be acting as a strong resistance.<\/p>\n<p>The previous support near $10.50 and $11.00 are now likely to act as a major resistance along with the 100 simple moving average (4-hours). A successful daily close above the $10.00 resistance and a follow up move above $11.00 is must for upside continuation in the near term.<\/p>\n<h2>Reversal From $10?<\/h2>\n<p>If chainlink\u2019s price fails to clear the $10.00 resistance and stays below the 100 simple moving average (4-hours), there is a risk of a fresh decline in the near term.<\/p>\n<p>An initial support on the downside is near the $9.00 level. The main support is near the $8.50 level, below which the bears are likely to aim a new monthly low below the $7.300 level in the coming days.<\/p>\n<p>Technical Indicators<\/p>\n<p>4-hours MACD \u2013 The MACD for LINK\/USD is now gaining pace in the bullish zone.<\/p>\n<p>4-hours RSI (Relative Strength Index) \u2013 The RSI for LINK\/USD spiked above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $9.00, $8.80 and $8.50.<\/p>\n<p>Major Resistance Levels \u2013 $10.00, $10.50 and $11.00.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink (LINK) recovered sharply from the $7.35 support zone against the US Dollar. The recent rally is now facing a strong&#8230;<\/p>\n","protected":false},"author":1,"featured_media":4751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[112,28,210,211,212],"class_list":["post-4750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-analysis","tag-crypto","tag-linkbtc","tag-linkusd","tag-linkusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4750"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4750"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4751"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}