Bitcoin continues trading within previously defined support and resistance levels. Dive into today's market situation for the cryptocurrencies Chainlink (LINK) and Litecoin (LTC) as of Friday, October 6.
Chainlink (LINK)
Despite a broader bearish trend for LINK, it's currently showing a localized uptrend. From September 11, the asset has climbed by 45%, marking a local high at $8.28.
At present, LINK is trading within a support zone of $7.20-$7.41 and a resistance level of $7.70-$7.86. The upward momentum looks set to continue. Bulls might face resistance at $8.03 and $8.28. If they push through, LINK could reach and possibly surpass its yearly high of $8.8.
A short-term pullback could bring the coin to the $7.0 mark. Yet, optimism remains as long as LINK stands above $6.5.
LINK chart on the H2 timeframe
Litecoin (LTC)
LTC has been grappling with a decline following its halving, but its trajectory has shown some stability over the past month. At present, the cryptocurrency is hovering between a support range of $55-$60 and a resistance level of $68-$73. Additionally, there's an intermediate buying level set at $63.
While the global trend for LTC remains bearish, its recent activity suggests a state of equilibrium, with neither buyers nor sellers making a definitive push. If the consolidation sees a downward break, the subsequent support level to monitor is at $52.7.
Conversely, if the bulls gain momentum, the ensuing resistance levels laden with selling orders would likely emerge around $76 and the range of $81-$86. The bearish undertone on LTC's chart will persist as long as its price remains below $87.
LTC chart on the H4 timeframe
Traditionally, weekends don't witness significant swings in the crypto market, and this trend is likely to continue this Saturday and Sunday.
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K - $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
