According to the candlestick chart associated with the LINK/USDT pair on tradingview [based on data drawn from the Binance Exchange], one can determine that Chainlink is being backed by buyers for now. Although the digital currency is still consolidating, the king coin lost roughly 5% of its value in a day. In spite of this, bulls were successful in helping $LINK stay above the $2.70 mark.
For almost 2 weeks, the peaks tied to the Awesome Oscillator possessed the brown shade, which points towards the arrival of bearish pressure. Similarly, from 28th October onwards, the MACD line ventured south of the signal line and has lingered there ever since. This caused the red histogram to progress beneath the zero line. The daily RSI [for 14 periods] recorded slight changes and sits at 59.39 which indicates that $LINK may land in overbought territory if bulls are here to stay.
Support lies near $2.5145, and barriers may be felt adjacent to the $2.8027 mark.
On 11/21/2019 I’ll present a 2 hour lecture on offchain protocols.
I’m hoping to do a technical deep dive into channel-based networks, commitchains and watching networks.
— Patrick McCorry ☘️ (@paddypisa) November 6, 2019
Chainlink is positioned at #15 to the north of Huobi Token in the market. The trading volume recorded stands at approximately $143.498 million as of this instant. The total market cap of Chainlink amounts to $955.804 million for now. The price rose at a rate of 1.04% in the course of the past 24-hours. This, in turn, helped $LINK fight against bearish momentum and soar all the way up to the $2.73 mark where it presently holds.
Took a look for @TraderEscobar
Prime entry here from a risk/reward stand point.
We’re seeing some signs of bullish consolidation and RSI is flagging on the daily.
TG X shows bullish signs on LTF but neutral on HTF.
If it can hold HTF above $2.80 then $3+ comes quickly pic.twitter.com/AB4062JxyZ
— NebraskanGooner📈 (@nebraskangooner) November 8, 2019