Chainlink Remain Strong As Alligator Flashes Relief, Is $10 Possible?
September 16 2022 - 5:10PM
NEWSBTC
After showing so much strength as the price rallied to $52,
cracking up an all-time high, the price of Chainlink (LINK) saw a
decline to its present value of $7 against tether (USDT). Despite
the uncertainties about where the market would be headed, only a
few have shown strength as Chainlink (LINK) remains in the
spotlight. (Data from Binance) Related Reading: WATCH: Bitcoin
Barely Holds Onto $20,000 Support | BTCUSD September 16, 2022
Chainlink (LINK) Token Price Analysis On The Weekly Chart
LINK saw a decline in its price from its all-time high of $52 to
around $6, with an over 70% drop from its all-time high despite
having good fundamentals. The price of LINK has since struggled to
have a relief bounce from its weekly low. The price of LINK bounced
off after touching a weekly low of $6, and the price rallied to $10
before suffering a setback in price as it faced rejection, and the
price has continued to range in this region. LINK’s price
maintained a downtrend structure with a downtrend line acting as
resistance for the price of LINK, but this resistance has been
broken with what seems to be a glimpse of hope, possibly to the
upside of the price. The price of LINK continues to face resistance
to break higher at around $8, a break and close for LINK price in
the region of $8-$9 acting as resistance; we could see the price of
LINK rally to a high of $10-$12. If LINK fails to break above these
resistances, we could see the price retesting the support at $6,
acting as a demand zone for LINK prices. Weekly resistance for the
price of LINK – $8-$9. Weekly support for the price of LINK – $6.
Price Analysis Of LINK On The Four-hourly (4H) Chart On the
four-hourly timeframe, the price of LINK continues to show great
strength as the price breaks above the William Alligator indicator
showing a possible trend reversal. The price of LINK broke to
the upside of the indicator with strong volume as the price has
continued to hold above the indicator. The three moving averages of
the Alligator Indicator support the price of LINK in the 4H
timeframe. The price of $7.5 that correspond to the indicator
acts as a support for the price of LINK, preventing it from
retesting lower support on the 4H chart. If the price of LINK fails
to hold this support, we could see the price retesting the support
at $7. The Relative Strength Index (RSI) for LINK is above 50 on
the daily chart, indicating moderate buy order volume. Daily
resistance for the LINK price – $9-$10. Daily support for the LINK
price – $7.5-$7. With LINK getting partnerships and developers
continuing to build, this will help the price of LINK hold strong
in the current market condition. Related Reading: Why Cardano (ADA)
Could Be Registering Another Decline, Analyst Explains Featured
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