The future direction of the LINK/USDT pair will become clearer when the price action concludes a test of the critical support posed by the 200-day moving average. This action will dictate the Chainlink price prediction for the LINK/USDT pair heading into the last week of November 2021.
Chainlink was a casualty of last week’s market correction, falling 9% after China issued warnings to firms about Bitcoin mining activities. Following this dip, a brief attempt at a recovery did not show much conviction, which has led to a rejection of price action at the 28.76 resistance.
Following four attempts to break this barrier to the upside, sellers took control and have forced prices down by 5.69% as of writing this Monday. A test of the 200-day moving average at 26.27 is expected at any moment. What are the possibilities at this point?
The 200-day moving average and the 26.27 support level are the current price pivots. A bounce from these points targets 28.76. Above this level, 31.74 and 34/98 line up as potential barriers to the north.
This view is negated if the price declines below 26.27, and this would open the door for a descent towards 24.00, acting as psychological support. Only when this gives way will 22.47 and 20.12 enter the fray as additional price targets to the downside.
Follow Eno on Twitter.
This post was last modified on Nov 22, 2021, 17:22 GMT 17:22