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Chainlink awaiting a breakout
Chainlink Price Analysis –09 November
If buyers push prices above the resistance level of $9.1, Chainlink may push on to the $9.4 and $10.8 resistance levels. If there is a breakout at the $6.4 support level, the price may fall toward the support levels of $5.6 and $3.5.
LINK/USD Market
Key Levels:
Resistance levels: $8.1, $9.4, $10.8
Support levels: $6.4, $5.6, $3.5
LINK/USD Long-term Trend: Ranging
The ranging movement continues in the Chainlink market. It is now moving between the $9.4 resistance level and $6.4 support level.
Chainlink is currently trading below the two EMAs. The 9-period EMA is below the 21-period EMA. The 14-period Relative Strength Index is at 43, with the signal line pointing downward to support the bearish movement. When the buyers push prices above the resistance level of $9.1, LINK may increase to the $9.4 and $10.8 resistance levels. If there is a breakout at the support level of $6.4, the price may reduce towards the $5.6 and $3.5 support levels.
LINK/USD Medium-term Trend: Bearish
Chainlink is bearish on the 4-hour chart. The price increased and tested the resistance level of $9.4, bounced off and broke below the $8.1 level. Chainlink is heading towards the $6.4 support level.
The Chainlink price is below the 9-period and 21-period EMAs. The 14-period Relative Strength Index confirms that the market is moving down and the signal line is pointing downward at 32.
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