Oracle Altcoin Chainlink Rests On Last-Stand Support Level

The Oracle altcoin Chainlink (LINK) that gained more than 800 percent in USD value between 2019-2020, dramatically shed most of its gains last week as both traditional and crypto markets crashed due to the coronavirus pandemic outbreak as reported in the previous Chainlink news.

Now, Chainlink os standing on the last support line as the crypto market is set to go lower. There seems to be awareness of the market but will it be enough? As the weekly charts of LINK/USD chaos, the scam wick flash crash allegedly dropped the coin to $0.0001 on Binance. However, this was an issue of Binance only as other exchanges didn’t repeat the performance but LINK didn’t do that well on other exchanges as well. We can see that the $1.50 area is extremely important and holding this value would be amazing for the coin but it is hard to presume that it will do so. The next major support will be at $1 since anything can happen right now.

If we look at the 3-Day LINK charts we can see that there is a slightly more organized market action which seems that the support shows up right at the breakout pattern and is forming a consolidation phase as well. Things are still ongoing though and there is no reason to expect that things cannot continue with the collapse. This is an area to watch out for the oracle altcoin in the upcoming weeks.

If we go deeper into the 4-hour charts we can see the precision with which the market is reacting during the particular price level. We can also see there is a possibility of the bull divergence on the RSI which is the local bottom for LINK but nobody should be considering capital B bottoms at this point. Chainlink proved to be one of the most bullish coins at the start of this year but it also showed these signs back in 2019 and even in 2018. In the aftermath of the Covid-19 panic and market collapse, it is powerful to have this support which also has its limits. There still seems to be a decent market for this altcoin but be careful now more than ever.
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