Crypto Price Today: Bitcoin Surpasses $25,000; BNB, Polkadot, Dogecoin climb up to 6%
Bitcoin and other digital tokens are higher in the early hours of trading in Asia on Friday. Traders will be keeping a close eye on the global banking crisis and the Federal Reserve’s rate hike path at its upcoming FOMC meeting scheduled next week. Chainlink (LINK) is expected to show some interesting price action as L2 solution Arbitrum announces a move away from reliance on the blockchain towards its own token – ARB. Trading around $6.8, it is down about 20% from its high from the previous month. Since LINK has had multiple “fakeouts” outside of a long-term symmetrical triangle formation, it’s quite unpredictable at the moment.
LINK has some challenges ahead, with the next resistance being the 0.38 Fib level at $6.9. LINK’s 50- and 200-day moving averages, both around the $7 level, suggest that it may be oversold and a rally may be imminent. If LINK manages to scale above $7, bulls could push it even higher to the next Fib resistance at $7.4. The gold pocket at $8 may also be due for a retest. Bears will aim to pull LINK to the next support at $6.3. After that, it could end up testing the $5.3 mark, which also happens to be LINK’s lowest since July 2020. Major Levels Resistance: $6.9, $7.4, $8.0 Support: $6.3, $5.3 (The views and recommendations in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking a position in any of the assets mentioned.)
Also Read: Will TCS Stocks Be Hit Hard After CEO Rajesh Gopinathan’s Unexpected Exit? Here’s what analysts say
Also Read: Ambuja Cements, ACC Stocks in Focus as Adani Enterprises Vinod Adani Clarifies