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

The best call in the Chainlink market right now is…

by Miki 09/24/2021
by Miki 09/24/2021 0 comment

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

Chainlink was in recovery mode after shedding 36% of its value from mid-September. An up-channel formed over the last few days as bulls attempted to lift the market from its recent lows. However, sellers still had the upper hand as LINK traded below key Fibonacci levels.

A 12% sell-off was even threatened by the formation of a bearish flag on LINK’s daily chart. To overcome these challenges, LINK needs to flip market consensus and break above its ascending channel.

At the time of writing, LINK was trading at $24.6 with a market cap of $11.07 billion.

Chainlink 4-hour Chart

Source: LINK/USD, TradingView

Bullish control would be limited in the market until Chainlink closes above the 38.2% Fibonacci level and its 4-hour 200-SMA (green). A rise above 23 September’s swing high of $25.7 would certainly lend a helping hand, but only an upwards breakout would see LINK scale beyond the aforementioned levels.

Without this jump, LINK would be vulnerable to another wave of selling pressure and a possible breakdown from the pattern. LINK’s defenses lay at $23.7 and $22.4, but losses could extend up to $21 amid fears of panic selling.

Moreover, the formation of a bear flag on LINK’s daily chart further dampened sentiment. Based on this pattern, LINK would see a brief period of gains. Following the same, sellers could initiate another market decline.

Reasoning 

Although the hourly indicators did side with the bulls, it’s important to understand that this was only a near-term gauge of LINK’s movement. The Relative Strength Index was within an uptrend and looked to revisit the bullish zone after bouncing back from the mid-line.

During such phases, buying activity supersedes selling pressure. To trump these signals, the MACD and AO looked increasingly bearish. A bearish twin peak setup on the Awesome Oscillator and a negative crossover on the MACD signaled some weakness going forward.

Conclusion 

The majority of LINK’s signals were bearish – Both over the short and mid-term. A breakdown from LINK’s down-channel could transpire into an immediate 12% decline, especially if the broader market fails to offer support. Only an upwards breakout would save LINK from this bearish outcome.

Meanwhile, the market still presented more opportunities for shorting and bullish traders must wait for a breakout confirmation before taking up a position.

Source link

Views: 7
CallChainlinkMarket
Share
0
FacebookTwitterPinterestEmail
previous post
Crypto Market Enters Sharp Correction After China Declares Crypto Transactions As Illegal
next post
Here’s Five Critical Things You Should Know

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

  • NBA’s Boston Celtics Announces Partnership Deal with Socios

  • Traders need to factor in these aspects when it comes to Solana’s price trajectory

  • Binance NFT to tokenize Leonardo-da-Vinci & Van Gogh’s artwork

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)
  • Ripple (149)
  • 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)$29,148.00-2.60%
  • ethereumEthereum(ETH)$1,952.74-4.29%
  • tetherTether(USDT)$1.00-0.09%
  • usd-coinUSD Coin(USDC)$1.00-0.14%
  • binancecoinBNB(BNB)$295.34-1.84%
  • rippleXRP(XRP)$0.410918-3.96%
  • Binance USDBinance USD(BUSD)$1.00-0.26%
  • cardanoCardano(ADA)$0.51-9.11%
  • SolanaSolana(SOL)$50.66-8.72%
  • dogecoinDogecoin(DOGE)$0.084845-5.19%
  • polkadotPolkadot(DOT)$9.59-9.28%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$29,148.00-2.77%
  • Lido Staked EtherLido Staked Ether(STETH)$1,917.36-4.36%
  • AvalancheAvalanche(AVAX)$29.44-12.46%
  • tronTRON(TRX)$0.071958-0.10%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.000012-6.60%
  • daiDai(DAI)$1.00-0.11%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • leo-tokenLEO Token(LEO)$5.150.46%
  • CronosCronos(CRO)$0.186772-5.74%
  • litecoinLitecoin(LTC)$67.04-6.81%
  • LADZLADZ(LADZ)$0.0686894.36%
  • matic-networkPolygon(MATIC)$0.63-9.41%
  • FTX TokenFTX Token(FTT)$30.19-3.73%
  • NEAR ProtocolNEAR Protocol(NEAR)$5.88-9.92%
  • HederaHedera(HBAR)$0.389473-3.44%
  • RareRare(RARE)$0.0461220.00%
  • bitcoin-cashBitcoin Cash(BCH)$187.71-7.37%
  • chainlinkChainlink(LINK)$6.86-8.67%