{"id":201175,"date":"2021-11-19T23:30:06","date_gmt":"2021-11-19T18:00:06","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=201175"},"modified":"2021-11-21T09:06:15","modified_gmt":"2021-11-21T03:36:15","slug":"while-chainlink-prepares-for-recovery-long-bets-still-not-ideal-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/while-chainlink-prepares-for-recovery-long-bets-still-not-ideal-heres-why\/","title":{"rendered":"While Chainlink prepares for recovery, long bets still not ideal; Here’s why"},"content":{"rendered":"

Chainlink has laid the ground for a recovery following an oversold RSI and a bullish crossover on the MACD. A move above the 4-hour 20-SMA and 38.2% Fibonacci level would open a route towards the $34-mark, provided bulls are able to successfully negotiate past certain swing highs at $30 and $31.5.<\/p>\n

At the time of writing, LINK traded at $27.9, down by 1.8% over the last 24 hours.<\/p>\n

Chainlink 4-hour Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: LINK\/USD, TradingView<\/figcaption><\/figure>\n

Chainlink attempted a revival after an up-channel breakdown triggered a 22% sell-off between 15-18 November. Although $26-support offered momentary relief, LINK needed to smash past its 20-SMA (red) and 38.2% Fibonacci level to rebuild its price.<\/p>\n

The region between $30-$31.5 also posed some challenges since the 50-SMA (yellow) and 200-SMA (green) posed as resistance. Expect a round of consolidation within this zone as buyers and sellers battle for market control. From there, a move above 27 October’s swing high of $34 would flush out the remaining sell pressure and allow for an uptrend to emerge.<\/p>\n

On the flip side, LINK would be exposed to another 10%-22% decline should its price weaken below $26. Bulls would look to introduce new longs at defensive lines of $23.5 and $20.8.<\/p>\n

Reasoning\u00a0<\/strong><\/p>\n

LINK’s comeback was backed by a bullish crossover on the MACD and a double top on the Awesome Oscillator. The RSI’s oversold nature also demanded a quick revival. However, keep in mind that each indicator was yet to recover above their respective mid-lines and traders must be cautious of setting up early long trades.<\/p>\n

Conclusion\u00a0<\/strong><\/p>\n

LINK faced some stiff challenges on its path of recovery. The 20-SMA (red) and 38.2% Fibonacci level were LINK’s immediate hurdles, while a resistance area between $30-$31.5 could threaten to disrupt LINK’s uptrend. Hence, traders must hold off on long trades till LINK closes above 27 October’s swing high of $34.<\/p>\n","protected":false},"excerpt":{"rendered":"

Chainlink has laid the ground for a recovery following an oversold RSI and a bullish crossover on the MACD. A move above the 4-hour 20-SMA and 38.2% Fibonacci level would open a route towards the $34-mark, provided bulls are able to successfully negotiate past certain swing highs at $30 and $31.5. At the time ofContinue reading “While Chainlink prepares for recovery, long bets still not ideal; Here’s why”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":201230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-201175","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWhile Chainlink prepares for recovery, long bets still not ideal; Here's why - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Chainlink has laid the ground for a recovery following an oversold RSI and a bullish crossover on the MACD. 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