Chainlink price rose 21% over the past 48 hours and encountered the 50% Fibonacci retracement level at $25.22. Although the buyers are struggling to push through this barrier, the future remains mildly optimistic. Chainlink price is currently retesting the midpoint of the trading range as it tries to recover from the crash witnessed in the third week of September. A successful flip of this barrier will allow LINK to venture higher and recover the losses over the past week. A decisive close above $25.22 will indicate a resurgence of bulls and propel it to the next supply level at $27.39. While this is a temporary blockade, the market makers will likely push LINK to collect liquidity resting above the September 16 highs at $31.82.

BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :

Chainlink price had a nice bounce off the $20 to $21 value area on the Wednesday session, rallying Chainlink higher and above the Wednesday high. Follow-through buying continues into the Thursday session, with bulls propelling Chainlink near the primary resistance zone at $26.70. As long as Chainlink remains below $26.70, bears are likely to resume control of this market. On the other hand, if Chainlink price fails to bounce off the 62% Fibonacci retracement level at $22.76, it will reveal a chink in the bulls’ armor. Such a development will likely push LINK to $21.02, a second chance to restart the uptrend. A breakdown below this level will create a lower low, invalidating the bullish thesis.

This move might trigger a further correction to the range low at $14.97 if the selling pressure persists.

CHAINLINK/ US DOLLAR

farhan fazal

Sep 26 2021