Chainlink (LINK) Price Analysis: Watch For The 34k Sats Zone

  • Major support zone is at 27k satoshis
  • Major resistance is at 34k satoshis
  • Upside potential: reaching the 39k sats local high
  • Downside potential: slumping towards the 23k sats support.

Crypto market has hit another bump in the road which set it back by $5 billion within the last 24 hours.

Chainlink is one of the rare altcoins that actually outperformed the market and is up by 6.7% with a very bullishly looking chart.

LINK/USD

The daily LINKUSD chart is dominated by green candles. Link has managed to close 12 green candles in a row.

TD Sequential has two parts – TD Setup and TD Countdown. The first phase of TD Sequential starts with a TD Setup and is completed with a 9 count. When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely. It is also at that point where TD Sequential starts the second phase with TD Countdown and is completed with a 13 count. When the 13 count is recorded, it is at that point, a price pause, price pullback, or a reversal is likely.

TD Sell Setup requires at least 9 consecutive closes are higher than the corresponding closes 4 trading days earlier (Close[i] > Close[i − 4]; Index: i ~ Current Bar). LINKUSD closed the 9th candle and moved onto the next phase – TD Countdown. So, barring no broad market sell-offs, we might be in for at least 1 more week of green candles for LINK according to the signals of TD Seq.

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LINKBTC

As for the LINK BTC pair, there is a similar scenario developing. LINK is hitting the Fib786 at 32902 satoshis, of the May-July high low swing.

Upside potential: breaking this resistance zone and reaching the local high at 39671 sats.

Failing to do that could see a downturn to the support at around 23k satoshis, a Fib50 and EMA20 confluence point.

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Lower timeframes show that LINK is mounting another attack at the 34k sats zone where it already got rejected once. Should the rejection happen again, this would form a double top, a bearish signal and we might see a more notable tumble to 27k or, in case of a bigger sell off, to 25k satoshis.

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CaptainAltcoin’s writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

Crypto Destroyer

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