The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
All Alt Coin

Chainlink: Here’s when a bullish reversal can be expected

by Miki 09/11/2021
by Miki 09/11/2021 0 comment

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice

A brief period of recovery was short-lived after Chainlink failed to topple its 38.2% Fibonacci level. With sellers initiating further southbound declines, an important support zone and Fibonacci level took the center stage. While the broader market uncertainties did carry the threat of an extended decline, buyers can be expected to respond at a critical price point.

At the time of writing, LINK was valued at $26.8, down by 3.4% over the last 24 hours.

Chainlink 4-hour chart 

Source: LINK/USD, TradingView

Chainlink did see a near 20% surge between 8 and 9 September, but profit-taking resumed once the price touched the 38.2% Fibonacci level. Momentum was back with the sellers as the candles dipped below their 4-hour 200 and 20 SMAs.

From here, bulls faced an uphill battle to regain control. The first step would be to target a decisive close above the 38.2% Fib level. This would allow LINK to push further towards the swing highs of $31.6 and $31.7.

However, LINK’s indicators ran in bearish positions and certain support areas would be more in focus. For LINK, the 23.6% Fibonacci level is crucial to its short-term success. The aforementioned point has served as an important support and triggered multiple rallies since mid-August. In case this defense is breached, the market will be vulnerable to losses all the way up to $21.

Reasoning 

After a sharp drop towards the oversold zone, LINK’s RSI did reverse itself. However, it was unable to clear 50 due to bearish control. A downtrend is normally active in the market till the RSI jumps above 50-55. Even the MACD traded well below its half-line.

Such a reading attracts more short-sellers rather than bullish traders. Interestingly, the Awesome Oscillator was taking shape within a bullish twin peak. Since this setup is ideally followed by a surge in buying pressure, there may be chances of a LINK revival in the coming sessions.

Conclusion 

LINK is expected to drop to $24.6-$24, a level from where a reversal can be expected. Most of LINK’s indicators flashed bearish signals, despite the Awesome Oscillator presenting minor chances of an immediate U-turn in price.

Either way, the market seemed to have more risks for bullish traders than short-sellers. Steering clear of any positions till LINK touches $24 will be a safer bet for traders.

Source link

Views: 0
bullishChainlinkexpectedHeresReversal
Share
0
FacebookTwitterPinterestEmail
previous post
Hoskinson wants a ‘Cardano nation’ among other things
next post
What Cardano needs to continue making gains

Related Posts

Are Solana’s bulls really strong enough to halt...

12/29/2021

IXFI Announces Launch of New-Age Exchange Platform

12/29/2021

Litecoin repeating history will have this effect on...

12/28/2021

More than just a game – what GameFi...

12/28/2021

Even as network hits one million users, FTT...

12/28/2021

Fintech Expert Makes Six Bold Predictions for Crypto...

12/28/2021

A recovery rally in play for Sushiswap, as...

12/28/2021

SEC Accused of Deliberately Trying to ‘Kill’ XRP...

12/28/2021

Recent gains may finally boost Aave’s dominance in...

12/28/2021

Santa Floki Price Rallies 5,000% after Elon Musk’s...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Ethereum Outperforms Bitcoin, Why ETH Could Rally To New ATH

  • Why 2022 could prove to be the year of regulations for crypto market

  • Dogecoin Looks Ready To Move Higher

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Mining (0)
  • Ripple (149)
  • Uncategorized (0)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Dogecoin
    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$29,045.000.56%
  • ethereumEthereum(ETH)$1,798.181.54%
  • tetherTether(USDT)$1.000.04%
  • usd-coinUSD Coin(USDC)$1.000.21%
  • binancecoinBNB(BNB)$307.491.50%
  • rippleXRP(XRP)$0.387636-0.64%
  • Binance USDBinance USD(BUSD)$1.00-0.09%
  • cardanoCardano(ADA)$0.4646900.60%
  • SolanaSolana(SOL)$43.061.61%
  • dogecoinDogecoin(DOGE)$0.082073-2.45%
  • polkadotPolkadot(DOT)$9.46-1.12%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,075.000.67%
  • tronTRON(TRX)$0.0822971.78%
  • Lido Staked EtherLido Staked Ether(STETH)$1,761.071.97%
  • AvalancheAvalanche(AVAX)$24.617.08%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • daiDai(DAI)$1.000.11%
  • Shiba InuShiba Inu(SHIB)$0.0000110.93%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$5.042.97%
  • TerraTerra(LUNA)$6.86-52.07%
  • litecoinLitecoin(LTC)$63.431.01%
  • CronosCronos(CRO)$0.1715410.35%
  • matic-networkPolygon(MATIC)$0.59-0.30%
  • HederaHedera(HBAR)$0.389473-3.44%
  • FTX TokenFTX Token(FTT)$27.110.40%
  • RareRare(RARE)$0.0461220.00%
  • NEAR ProtocolNEAR Protocol(NEAR)$4.93-0.40%
  • bitcoin-cashBitcoin Cash(BCH)$179.102.13%