Chainlink Price Prediction: Bullish Reversal May Be Experienced at $6 Support Level

Chainlink may retest resistance level of $8

Chainlink Price Analysis – October 16

Ability to break down the support level of $6 indicate that Chainlink may be exposed to $5 and $4 levels. Inability to break down the support level of $6 may lead to the breakup of the resistance level at $8, and $9, $10 resistance levels may be tested.

LINK/USD Market

Key Levels:

Resistance levels: $8, $9, $10

Support levels: $6, $5, $4

LINK/USD Long-term Trend: Ranging

Chainlink is ranging in the daily time frame. The crypto found support at the $6 level on August 23. The support level of $6 holds and the bearish momentum is not enough to withstand the barrier at the mentioned level. In the same way, the bullish momentum is weak to break up the resistance level of $8. The price is currently testing the $8 level and bounces off to test the $6 level. Price is dangling between the two levels mentioned above Since August 13,

At the moment, chainlink is trading below the two EMAs. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA) which indicate that bears are ruling the Chainlink market at the moment. The technical indicator, Relative Strength Index period 14 is at 43 with the signal line pointing upside. Ability to break down the support level of $6 indicate that price may be exposed to $5 and $4 levels. Inability to break down the support level of $6 may leads to the breakup of the resistance level at $8, and $9, $10 resistance levels may be tested.

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LINK/USD Medium-term Trend: Ranging

Chainlink is on the ranging movement in 4-hour time frame. The bulls’ and the bears’ momentum seems to be equal and the price is ranging within $8 and $6 levels. Bulls made an attempt to break up the resistance level of $8 on September 28 but sellers opposed the movement. Likewise, sellers made an attempt to break down the support level of $6 but buyers opposed the movement.

At the moment, the coin is facing the resistance level of $8. The price is trading above the two EMAs. The Relative Strength Index indicator periods 14 is at 42 levels with the signal line pointing towards north.