October 7 – Chainlink (LINK) is down more than 6% for 24 hours and is currently trading at $ 8.77. Analyst Aayush Jindal touched on critical support and resistance points in his LINK comment.
4-hour MACD: Gaining momentum in bearish zone for LINK / USD pair.
4-hour RSI: Positioning well below 40 for LINK / USD pair.
Major Support Points: $ 8.50 – $ 8.20 – $ 8
Major Resistance Points: $ 9 – $ 9.20 – $ 9.50
Aayush Jindal’s Comment on Chainlink (LINK)
- $ 11 creates a huge selling pressure.
- On the charts, there was a steady rejection and a break below the $ 10 level.
- The LINK price failed to hold onto the $ 9.50 support level, and fell below the 100-hour moving average on the 4-hour charts.
- A downtrend formed with resistance around $ 9.50 on the 4-hour chart of the LINK / USD pair.
- The price fell below the critical support level of $ 8.50 in 24 hours, reaching $ 8.44.
- LINK is trading near the 76.4% Fib retracement level from $ 7.26 to $ 11.25.
Jindal: Significant Support for the Decline at $ 8, Major Resistance on the Road to Uptrend at $ 9
- The first major support for a possible fall for LINK is located at $ 8.
- LINK can take a dip in gold for that $ 8 and locate at $ 7.80.
- Further losses could push the price towards the $ 7.25 support.
- In the good scenario, if LINK price can reach a rise from $ 8.50, the initial resistance point is around $ 9.
- From here, the resistance is positioned near $ 9.20.
- If bulls want to make an upside break for LINK, they can try positioning above $ 10.