$7.65 & $6.82 are Two Strong Support Zones for ChainLink (LINK) – Ethereum World News

July 19, 2020 By admin

In brief:

  • ChainLink (LINK) is in the midst of a pullback after an impressive run to a new all-time high of $8.92.
  • Several areas provide adequate support for LINK including $7.65 and $6.82.
  • Other areas of possible support include the February all-time high of $4.96 and the 50-day moving average. 
  • It is not yet clear if the report by Zeus Capital halted LINK’s bullish momentum. 

The month of July has been an eventful one for the ChainLink (LINK) digital asset. LINK opened the month at a value of $4.65 which was a few cents shy of LINK’s previous all-time high value of $4.96. Since then, ChainLink has continued to provide gains for investors reaching a new all-time high of $8.92 – Binance rate – on the 15th of July. This is an increment of 91.8% in a two week period.

$7.65 & $6.82 are Two Strong Support Zones for ChainLink (LINK)

As with all parabolic moves by digital assets in the crypto markets, LINK is facing what seems to be a pullback. To get a clearer visual of the LINK situation in the crypto markets, the 6-hour chart courtesy of Tradingview is used to demonstrate the short term possibilities for LINK/USDT.

$7.65 & $6.82 are Two Strong Support Zones for ChainLink (LINK) 16

From the 6-hour LINK/USDT chart, the following can be observed.

  • Trade volume has reduced and is in the red further confirming the pullback.
  • MACD also indicates selling as the MFI is also in a downward trajectory.
  • In terms of short term major support, LINK has $7.65 and $6.82 as areas of