Chainlink (LINK) recovered sharply from the $7.35 support zone against the US Dollar. The recent rally is now facing a strong resistance near the $10.00 zone and the 100 SMA (H4).
- Chainlink token price started a strong upward move from the $7.32 low against the US dollar.
- The price is now facing hurdles near the $10.00 resistance and the 100 simple moving average (4-hours).
- There was a break above a crucial bearish trend line with resistance near $9.00 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
- The pair is likely to reverse gains if there is no upside break above $10.00 and $10.50.
Chainlink (LINK) is Recovering
In the past few days, there was a steady decline in chainlink (LINK) below the $10.00 support zone against the US Dollar. The price even broke the $8.50 support level and settled well below the 100 simple moving average (4-hours).
Today, bitcoin and Ethereum started a steady recovery above $10,550 and $340 respectively. LINK price also recovered sharply from the $7.32 low and it climbed nicely above the $8.50 and $9.00 resistance levels.
There was also a break above a crucial bearish trend line with resistance near $9.00 on the 4-hours chart of the LINK/USD pair. The pair broke the 23.6% Fib retracement level of the downward move from the $13.31 high to $7.32 low.
<img alt="Chainlink (LINK)" class="alignnone size-full wp-image-439636" data-lazyloaded="1" data-sizes="(max-width: 1828px) 100vw, 1828px" data-src="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Chainlink-LINK-2-61.png" data-srcset="https://www.cryptotelegraph.com/wp-content/uploads/2020/09/Chainlink-LINK-2-61.png 1828w, https://www.newsbtc.com/wp-content/uploads/2020/09/Chainlink-LINK-2-460×218.png 460w, https://www.newsbtc.com/wp-content/uploads/2020/09/Chainlink-LINK-2-860×408.png 860w, https://www.newsbtc.com/wp-content/uploads/2020/09/Chainlink-LINK-2-768×365.png 768w, https://www.newsbtc.com/wp-content/uploads/2020/09/Chainlink-LINK-2-1536×729.png 1536w,
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