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Chainlink price is on the move to trim the gains accrued following the pump from September’s lowest support at $5.8. The token native to one of crypto’s most sought after oracle live price feed platforms, climbed to highs at $8.26 late last week before bowing to the ongoing selling pressure.
The race for Ethereum futures exchange-traded funds (ETFs) approval has over the last few weeks been the hottest topic on the market. Investors and analysts alike believed that greenlighting the Ether futures ETF investment products could drive interest in crypto following months of low volatility and trading volumes.
While the approval of nine ETH futures ETFs sparked a rally in Bitcoin, Ethereum, and Solana among other altcoins, Chainlink trimmed gains amid a spike in profit-booking activities.
Chainlink Price Searches For Higher Support
Chainlink bulls must act fast to secure higher support after profit-taking curtailed the uptrend targeting the psychological $10 resistance level. The Moving Average Convergence Divergence (MACD) reinforces the bearish outlook.
Traders would be inclined to short LINK if the MACD line blue crosses below the signal line in red. A persistent drop toward the neutral 0.000 area would reinforce the bearish grip and possibly trigger a larger sell-off.
A retest of the descending trendline could be bullish for Chainlink. Already sidelined investors would be willing to bet on another breakout, especially if LINK holds above all three moving averages, including the 50-day Exponential Moving Average (EMA) (red), the 100-day EMA (blue), and the 200-day EMA (purple).
Trader and analyst Michaël van de Poppe said via X on Monday that Chainlink would be seeking a retracement to a higher low before finally aligning for a breakout of the range with the upper limit at $8.
#Chainlink will be seeking for a higher low, before finally breaking out of this range.
$7 would be optimal, but I'm not sure whether we'll be getting that. pic.twitter.com/xbxr7MqaBY
— Michaël van de Poppe (@CryptoMichNL) October 2, 2023
According to the analyst, $7 would be the ideal support, considering it aligns with three moving averages on the daily chart.
Chainlink price currently holds below the 50 EMA resistance at $7.65 on the four-hour chart. If bulls bow to the growing seller influence and lose the immediate support as provided by the lower ascending trendline and the 100 EMA, the drop to $7 could take place before the weekend.
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