{"id":175218,"date":"2023-10-16T20:04:06","date_gmt":"2023-10-16T14:34:06","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=175218"},"modified":"2023-10-16T20:04:06","modified_gmt":"2023-10-16T14:34:06","slug":"chainlink-defends-7-can-it-recover-recent-losses-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/chainlink-defends-7-can-it-recover-recent-losses-crypto-news\/","title":{"rendered":"Chainlink defends $7: Can it recover recent losses? &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p><i><span style=\"font-weight: 400\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<ul>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">Chainlink\u2019s lower timeframe market structure bias was bullish at press time.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400\"><em><span style=\"font-weight: 400\">The 2023 supply zone of $8 had significant sell limit orders.\u00a0<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">During the recent October pullback, <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/LINK\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Chainlink [LINK]<\/span><\/a><span style=\"font-weight: 400\"> defended the $7 psychological level. On the early Asian trading session on 16 October, LINK zoomed past $7.3 and flipped the 4-hour chart market structure to bullish bias.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Read <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/chainlink-price-prediction\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">Chainlink [LINK] Price Prediction<\/span><\/a><span style=\"font-weight: 400\"> 2023-24<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">A previous LINK price <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/link-sellers-can-target-these-levels-for-more-shorting-opportunities\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">analysis<\/span><\/a><span style=\"font-weight: 400\"> by AMBCrypto evaluated the possibility of sellers extending gains to the $7 psychological level. The idea was vindicated as buyers re-grouped at the level in the past few days.\u00a0<\/span><\/p>\n<h4>Can LINK extend the recovery?<\/h4>\n<div id=\"attachment_351166\" style=\"width: 1960px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINKUSDT_2023-10-16_09-09-31.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-351166\" class=\"size-full wp-image-351166\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINKUSDT_2023-10-16_09-09-31.png\" alt=\"LINK\" width=\"1950\" height=\"1108\" \/><\/a><\/p>\n<p id=\"caption-attachment-351166\" class=\"wp-caption-text\">Source: LINK\/USDT on TradingView<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">LINK\u2019s September massive recovery faltered at the 2023 supply zone of $8.0 \u2013 $8.8 (red). The pullback that followed eased at the $7 psychological level. Interestingly, the level was confluent with the 50% Fib level and H12 bullish order (OB).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Fib tool was based on the recent high of $8.2 on 30 September and the previous low of $5.7 on 11 September. Based on the tool, the immediate hurdles were 78.6% Fib ($7.73) and the 2023 supply zone of $8.0 \u2013 $8.8 (red).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At press time, price action moved beyond the recent lower high of $7.43. The upswing flipped the H4 market structure to a bullish bias. So, sellers could wait to re-enter the market at the overhead resistance levels \u2013 78.6% Fib level and the 2023 supply area.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The 50% Fib level will be a key buying interest for bulls and a shorting target for sellers if the price falters at overhead hurdles.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, the RSI and OBV were positive at press time. It indicated that buying pressure spiked alongside improved demand from the Spot market. However, the capital inflows remained muted, as shown by the negative CMF in the first half of October.\u00a0<\/span><\/p>\n<h4>Key buy and sell limit orders at $7 and $8<\/h4>\n<div id=\"attachment_351169\" style=\"width: 1925px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-351169\" class=\"size-full wp-image-351169\" src=\"image\/svg+xml,%3Csvg%20xmlns=\" alt=\"LINK\" width=\"1915\" height=\"739\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart.png 1915w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart-300x116.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart-1024x395.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart-768x296.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart-1536x593.png 1536w\" data-lazy-sizes=\"(max-width: 1915px) 100vw, 1915px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart.png\" \/><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-351169\" class=\"size-full wp-image-351169\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/LINK-MobChart.png\" alt=\"LINK\" width=\"1915\" height=\"739\" \/><\/a><\/p>\n<p id=\"caption-attachment-351169\" class=\"wp-caption-text\">Source: Mobchart<\/p>\n<\/div>\n<p><span style=\"font-weight: 400\">According to Mobchart, key buy and sell limit orders were placed at the $7 and the supply zone. On the Binance Exchange, sell limit orders of 74.43k LINK were placed at $8 at the time of writing.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center\"><span style=\"font-weight: 400\">Is your portfolio green? Check out the <\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/chainlink-profit-calculator\" data-wpel-link=\"internal\"><span style=\"font-weight: 400\">LINK Profit Calculator<\/span><\/a><span style=\"font-weight: 400\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400\">Similarly, there were considerable buy limit orders between $7.0 and $7.1, which coincided with the marked white area on the price charts (H12 bullish zone).\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Ergo, LINK\u2019s recovery could aim at the 2023 supply zone, but a faltering in the area could force bulls to regroup at the $7 psychological level.\u00a0<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion. Chainlink\u2019s lower timeframe market structure bias was bullish at press time.\u00a0 The 2023 supply zone of $8 had significant sell limit orders.\u00a0 During the recent October pullback, Chainlink [LINK] defended the $7 psychological level. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":175219,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-175218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=175218"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175218\/revisions"}],"predecessor-version":[{"id":175225,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/175218\/revisions\/175225"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/175219"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=175218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=175218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=175218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}