McDonald’s and Nestlé Dive Into New Blockchain Pilot to Stop Fraud

18m
dailyhodl

Do ICO’s keep their promises? Analyzing the roadmaps of 2018’s ICOs

23m
bitcoinwarrior

Sally Ho’s Technical Analysis 18 July 2019

23m
cryptonewmedia

Sally Ho's Technical Analysis 18 July 2019

30m
cryptodaily

Central Banks and Cryptocurrencies: Natural Born Enemies, or Soon-to-Be Friends?

41m
cryptoglobe

Which One Should You Invest More? » The Merkle Hash

1h
cryptonewmedia

BTCPay Server Announces Crowdfunding Campaign for Tor Project

2h
beincrypto

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the…

2h
cryptonewmedia

Trade smarter, only on Coinbase

2h
cryptonewmedia

Coinbase Announces Three Data-Based Trading Signals for Users

2h
cointelegraph

Rebel Nintendo Scorns Sony and Microsoft With Updated Switch

2h
cryptonewmedia

EOS Price Prediction: Will It Go Up To $10 At The End of 2019

2h
nulltx

Ocasio-Cortez Criticizes Corporate-Controlled Money in House’s Libra Hearing

2h
cointelegraph

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the Board

3h
cryptonewmedia

Lotus is Building a Sensational Electric Hypercar » The Merkle Hash

3h
cryptonewmedia

Meltem Demirors Weighs in on ‘Shitcoin’ vs. Bitcoin – for Congress

3h
dailyhodl

Key Comments From Libra Hearing at US House of Representatives

3h
cointelegraph

FaceApp Thrusts User Privacy into Spotlight amid Russian Ties

3h
cryptonewmedia

Bitcoin Could Shed 20% & Drop to $7,400 Because Bulls Look Exhausted

3h
cryptonewmedia

Coinbase imposes minimum deposit restriction for British users

3h
bitcoinwarrior

Coinbase Releases New Data Tools for ‘First-Time’ Crypto Investors

4h
coindesk

Litecoin Leads The Way: As Bitcoin Plummets, Altcoins Rise Across the...

4h
newsbtc

Netflix Stock Implodes, Subscriber Exodus Ignites 12% Plunge

4h
cryptonewmedia

World Economic Forum Report Evaluates the Value of Blockchain

4h
cryptonewmedia

Tim Draper Slams India’s ‘Pathetic & Corrupt’ Leaders for Bitcoin…

4h
cryptonewmedia


Chainlink Price Analysis: Possible Breakout for LINK/BTC

beincrypto

5d ago

On July 1, 2019, the Chainlink price began an upward move. Highs of nearly 40,000 satoshis were reached the next day. However, the LINK price has been decreasing since. Prices below 23,000 satoshis were reached on July 10 — a decrease of almost 50 percent.

Will the price continue to decrease or is there a reversal in store? Keep reading below in order to find out.

You buy :

In dollars :

To email :

Since reaching the aforementioned high on July 2, the LINK price has been trading inside the descending wedge outlined below.

The movement inside the wedge has been gradual, devoid of any significant fluctuations.

At the time of writing, the LINK price was trading close to the resistance line of the wedge.

It has previously made four attempts at a breakout.

Furthermore, it is approaching the end of the wedge.

A look at the 10- and 20-hour moving averages (MA) suggests that the price is likely to break out in the near future.

The LINK price is trading above both MAs.

Also, they have begun tilting upward, possibly setting themselves up for a bullish cross.

If that happens, it would act as a confirmation that an uptrend is likely to begin.

A longer-term view shows that the Chainlink price has been following an ascending support line since May 13.

Furthermore, it gives us a support area near 23,000 satoshis.

At the time of writing, the LINK price was trading slightly above this support area — which is created by the highs of June 12.

If the price continues to decrease at the rate predicted by the wedge, it should reach the support line sometime next week.

However, in order to do so, it would have to break down from the support area at 23,000 satoshis.

A look at the moving averages suggests that there is indecision in the market.

First, the LINK price is trading below both the 10- and 20-day MAs, facing very close resistance from the latter.

However, while the MAs are falling, they have not yet made a bearish cross.

Furthermore, the recent decrease was not preceded by bearish divergence.

Therefore, it is possible that the price will resume its upward movement soon.

Taking into account the short-term analysis, it is likely that it will do so.

If the Chainlink price breaks out from the wedge, two resistance areas are outlined below.

The closest resistance area is found near 28,500 satoshis, followed by resistance near 31,500.

According to our analysis, it is likely that the LINK price will reach at least one of these areas.

The LINK price has been increasing since May.

It is currently trading inside a descending wedge.

According to our analysis, it is likely that the price will soon break out from the wedge and reach one of the resistance areas outlined above.

Do you think the LINK price will break out from the wedge? Let us know in the comments below.

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images are courtesy of Shutterstock, TradingView.

As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments