Chainlink Completes Falling Wedge on Weekly Timeframe While P2E Battle Token Crosses $150k in Presale

Crypto Writer

Arslan Butt

Crypto Writer

Arslan Butt

Part of the Team Since

Sep 2022

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

October 23, 2023

Chainlink (LINK) has completed a bullish falling wedge pattern on the weekly timeframe, gaining nearly 14% over the past week and trading at $7.418 with a volume of $2.70 million. 

Additionally, Meme Kombat’s Battle Token has crossed $150k in presale. The crypto community is closely watching for potential market shifts and opportunities.

Chainlink (LINK) Price Prediction

Shifting our focus to the daily chart, several key price levels stand out. The pivot point for LINK is firmly set at $7.418. 

Key Price Levels: On the upside, resistance levels are marked at $9.066, $9.957, and $12.494. On the downside, support can be found at $6.549, followed by stronger supports at $4.901 and $2.385.

Indicators Signal Potential Price Correction: Regarding technical indicators, the RSI (Relative Strength Index) presents an interesting picture. Its current value is at 72, indicating that Chainlink is in the overbought territory. Such a high RSI typically signals a potential price correction in the near future.

The MACD (Moving Average Convergence Divergence), another crucial indicator, has a value of 0.146 with a signal line at 0.455. This formation suggests that there might be potential downward momentum on the horizon.

However, on a brighter note, Chainlink’s price is trading above its 50-day Exponential Moving Average (50 EMA) of $6.849, hinting at a prevailing short-term bullish trend.

📈 #LINK Daily Snapshot: Pivot: $7.418 🎯 Resistances: $9.066, $9.957 🚀
Supports: $6.549, $4.901 🛑
RSI: 72 (🚨 overbought) MACD suggests a dip 📉
Above 50 EMA ($6.849) 🌈
Key level: $8.253 🤔
Bullish above, bearish below. Stay tuned! #ChainlinkUpdate #LINK pic.twitter.com/bDnQN1pUrh

— Arslan Ali (@forex_arslan) October 1, 2023

Examining the chart patterns, Chainlink is currently grappling with a downward trendline resistance at $8.253. A successful bullish breakout above this level could pave the way for an encouraging upward journey, targeting the next resistance levels. 

Conversely, any failure to sustain above this price point might trigger selling pressures, potentially pulling LINK’s price downwards.

Summing Up 

To conclude, the immediate future of Chainlink seems to be hanging in the balance at the $8.253 level. A sustained push above this level could open the doors to a bullish phase, while any pullback below this mark could indicate bearish sentiments.

Meme Kombat: The Latest Web3 Gaming Platform That Raised $165k in Presale

Merging meme concepts with combat gaming, Meme Kombat is a new introduction that guarantees players two sources of earnings – active and residual. 

The staking APY for the token is currently at an impressive 112%. The project’s financial framework is centred around the Meme Kombat Token ($MK), as emphasized in the whitepaper. 

Staking is one of the main features of the Meme Kombat platform, providing cryptocurrency enthusiasts with a reliable source of passive income through APY. 

🎮Dive into the world of #MemeKombat!
Stake, play, & snag those rewards. Whether you're in for the gaming thrill or chilling with passive staking, there's something for every gamer here! 🎲
Funds rolling in: $170,916.99 of $1M raised! 📈 🔗https://t.co/Aihpj3PV9y#GameOn #Crypto pic.twitter.com/D2yp5UPdv8

— Arslan Ali (@forex_arslan) October 1, 2023

Users can securely link their crypto wallets to the platform and stake their $MK tokens. A portion of the token supply, equivalent to 30%, has been reserved for staking and rewarding players within the game. 

This strategy incentivises users to hold onto their tokens, promoting stability. After the initial 14-day staking period, users can withdraw their tokens or keep staking to continuously receive the benefits of the APY.

Multiple features are set to be launched by the platform from October to November 2023. 

One of the key features is the debut of Meme Kombat Season 1, aimed at keeping players interested. Players can look forward to the release of Meme Kombat 2 by the end of 2023, which will come with improved gameplay features.

Visit Meme Kombat Here

_{Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.}