Chainlink’s (LINK) Price Surges by +6% After the FOMC Announcement

  • Yesterday, LINK was retesting the support level at $7.539 in anticipation of the FOMC announcement.
  • At press time, LINK was worth $7.97 after its price surged by more than 6% over the past 24 hours.
  • If LINK can close today’s daily candle above the $7.539 support, it may look to challenge the next major resistance level at $8.420.

A promising retest was underway for Chainlink (LINK), showing considerable strength and potential, according to a Twitter post shared by renowned crypto trader, Michael van de Poppe yesterday. The question on everyone’s mind was whether this latest retest would yield different results.

https://twitter.com/CryptoMichNL/status/1684179898468909057/\

The market was experiencing the pre-FOMC fear phase, where caution and uncertainty prevailed. Additionally, many experts anticipated that this apprehensive period will transition into a period of upward momentum after the FOMC concludes.

This seemed to have been the case as many cryptocurrencies saw their prices rise over the past day of trading. LINK was one of these tokens as its price surged by more than 6%., according to CoinMarketCap. This left the altcoin trading hands at $7.97 at press time.

This meant that LINK was trading much closer to its daily high of $8.03 than its 24-hour low of $7.48. LINK’s 24-hour triumph also allowed it to strengthen against both market leaders, Bitcoin (BTC) and Ethereum (ETH), by about 5.37% and 5.12% respectively.

Daily chart for LINK/USDT (Source: TradingView)

LINK had dropped below the support level at $7.539 highlighted in van de Poppe’s tweet on Tuesday. It then proceeded to close the day’s trading session below the mark at $7.392. Yesterday saw LINK close back above the support level at $7.742. In the past 24 hours, the altcoin’s price has continued its bullish momentum to trade at its current level.

If LINK is able to close today’s daily candle above the aforementioned $7.539 support, then it may look to challenge the next major resistance level at $8.420 in the next couple of days. On the other hand, a daily close today below $7.539 may put the altcoin at risk of falling to the crucial support level at $6.819 in the coming week.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Binance Australia raided by regulator just weeks after Europe HQ raid

Binance Australia’s offices have been raided by the nation’s finance regulator in an ongoing investigation into unlawful derivatives dealings — just weeks after the crypto exchange’s offices in France were raided as part of a money laundering probe. The Australian Securities and Investments Commission (ASIC) searched Binance locations on Tuesday, according to Bloomberg. The outlet cited anonymous sources familiar with the matter, who chose to keep their identities concealed. An ASIC spokesperson said it could neither confirm or deny the reports. Binance stated that it’s “fully cooperating” with local authorities. The news comes after Binance Australia had its derivatives license revoked in April. According to ASIC, it’s investigating the “extent of consumer harms” caused by the crypto exchange to local users. ASIC is probing allegations of Binance incorrectly classifying retail and wholesale investors in its derivatives business. Binance Australia ’s fiat on-ramp services we...
Read more

Toncoin (TON) Rallies 15% After Binance Listing: $10 Soon?

Image
The world’s largest crypto exchange by volume, Binance, has announced that it will begin spot trading for Toncoin (TON) from today. The development has led to a significant price rally for TON, which witnessed a 15% price bump following the news. The daily charts show that the asset is currently up by 8.4%. TON continues to glow red in the other time frames, falling 7.8% in the last week, 5.7% in the 14-day charts, and 14.2% over the previous month. Also Read: Toncoin (TON): The Telegram-Linked Crypto to Watch in 2024 Current Performance and Market Position Source: CoinGecko TON is currently the second-best performing cryptocurrency among the top 100 projects by market cap in the daily charts, following XRP. Recent Price Movements TON has displayed incredible performance this year. The asset was trading at around $2 in late February but has since risen to over $6. Based on the Telegram network, TON saw a significant price increase after integrating into the Telegram messaging plat...
Read more

copycat Stars Arena patches exploit on Friend.tech following a financial drain

Image
The Stars Arena has made a significant announcement, revealing that malevolent forces have been siphoning funds through a cunning loophole. However, the team has swiftly taken action, successfully patching the contract to avert any further harm. As per reports circulating on social media, the Stars Arena Web3 social media platform on the Avalanche network has fallen victim to a malicious attack. This unsettling incident was brought to light by a Stars Arena user, Lilitch.eth, on October 5, who took to X (formerly Twitter) to declare that over $1 million had been lost as a result. The Stars Arena team has unequivocally acknowledged this audacious attack, characterizing it as nothing short of a “war” waged against their platform. Surprisingly, they assert that the actual losses incurred amount to a mere $2,000, affirming that they have successfully plugged the exploit . Stars Arena, much like the popular Friend.tech, empowers users to acquire “shares” in the f...
Read more