Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th 18

Chainlink’s $15 Support is the Level to Watch During the Weekly Close

  • Chainlink has bounced off the $15 support for the third time since May
  • Chainlink continues to trade below the 50-day, 100-day and 200-day moving averages
  • The daily LINK/USDT has printed a descending triangle with a floor at $15
  • $15 is the level to watch as the week comes to a close on Sunday
  • Chainlink maintaining the $15 support might be tied to Bitcoin continuing to trade above $30k
  • A loss of the $15 support could open the doors to $13 or even $12

Earlier today, the digital asset of Chainlink (LINK) posted a local low of $15.125 as Bitcoin posted a daily low of $31k.

With this move, Chainlink has retested the $15 support zone for a third time since the 23rd of May this year. Chainlink also bounced off the $15 support on June 22nd as highlighted in the daily LINK/USDT chart below.

Sky Mavis to Reimburse Axie Infinity Hack Victims and Restart the Ronin Bridge as Early as June 28th 19

Also from the chart above, the following can be observed:

  • Chainlink remains in bearish territory as it trades below the 50-day, 100-day and 200-day moving averages
  • A descending triangle has formed on the daily LINK/USDT chart with a floor at $15
  • Chainlink’s daily trade volume has been reducing since mid-May
  • The histograms of the daily MACD also confirm a reduction in trading of Chainlink in the crypto markets
  • The daily MACD also confirms an ongoing bearish scenario for LINK
  • The daily MFI and RSI are in neutral territory with a slight inclination towards a bearish continuation for Chainlink

Chainlink’s $15 is the Level to Watch and Could be Tied to Bitcoin Maintaining its $30k Support

As earlier mentioned, earlier today Chainlink bounced off the $15 support area as Bitcoin experienced a daily low of $31k. Bitcoin is now trading at $32k as Chainlink hovers at the $15.80 price area.

To note is that Bitcoin has maintained the $31k to $30k price area as support since mid-May thus leading to the loose conclusion that Chainlink’s fate above $15, is tied to Bitcoin maintaining a price above this crucial price area.

Consequently, if Bitcoin loses $30k over the weekend, Chainlink will most likely lose its $15 support and go on to retest the $13 to $12 support zone.