{"id":5461,"date":"2020-11-16T23:00:59","date_gmt":"2020-11-16T23:00:59","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449930"},"modified":"2020-11-16T23:00:59","modified_gmt":"2020-11-16T23:00:59","slug":"bears-control-chainlink-as-long-as-it-holds-below-one-crucial-level-analyst","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/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’s 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’ 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<\/a> market.<\/p>\n

Chainlink Remains Stuck Below Key Level as Sellers Stay in Control<\/strong><\/h2>\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’s 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

Analyst: LINK Not Bullish Until It Breaks $13.75<\/strong><\/h2>\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

\n

“Still acting inside resistance here. Flipping $13.75 and I’ll turn bullish. Until then, I’m not,” he said while pointing to the below chart.<\/p>\n<\/blockquote>\n

\"Chainlink\"<\/p>\n

Image Courtesy of Crypto Michaël. Source: LINKUSD on TradingView<\/a>.<\/pre>\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
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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