LINK Rejected $11 Price Level, Could Drop Below $10.5: Analysis

LINK rejected $11 as a price level after it started the increase. There’s now a risk of another decline below $10.50 if the cryptocurrency doesn’t break the $11.00 level. In our latest chainlink news, we are reading more about the price analysis.

Chainlink’s token price is struggling to gain momentum above and LINK rejected $11.00 and the $11.10 level against the US dollar. The price is trading well above $10.50 and the 100 simple moving average with a break above the major contracting triangle with resistance near the $10.65 on the 4-hour charts for the pair. The pair could nosedive below the $10.50 if it continues to struggle at $11.

After the test of $11.80 resistance, there was a new downside correction in LINK below $11.00 with the price breaking the $10.50 support but remaining well bid above the $10.25 support as well as the 100 simple moving average. A new low was formed near $10.26 and the price is now recovering higher. There was a break above the major contracting triangle with resistance close to the $10.65 level on the 4-hour charts.

The pair managed to break the $10.80 resistance level plus the 50% fib retracement level from the downward move at $11.82 high to $10.26 low. The price faced a strong resistance near the $11.00 and the $11.10 levels. It seems that there was a rejection close to the 61.8% fib retracement level from the downward movement at the $11.82 high to the $10.26 low. The price is now moving lower and trading with a bearish angle below the $10.85 level. The main support is near the $10.25 level and the 100 simple moving average which is a risky level for a sharper decline. The next major support is seen close to the $9.60 level.

If the price manages to stay above the $10.50 level, there are chances of a clear break above the $11.00 resistance level but the bulls have to gain strength above the $11.10 level for another upward move. If they succeed, the price could surpass the $11.50 level with the next major resistance being in the $11.80 zone above which the bulls could aim for the $12.00 level in the near-term.  The 4-hour MACD for the pair is in the bearish zone while the 4-hour RSI is well below 50.