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LINK Technical Analysis: Will LINK Prices Sustain Above 100-day EMA?

Analytics

cryptoknowmics.com 17 September 2022 12:23, UTC
  
Reading time: ~2 m

The LINK price action shows a rising expanding channel after the reversal from $6.2, preparing for a jump above the 100-day EMA. The LINK price action displays the bullish reversal rally ready to cross above the $8 mark within the bullish expanding channel. Moreover, the rising trend increases the bullish influence over the EMAs, teasing another crossover event. So, will the uptrend sustain above $8?

Key Points:

  • The Chainlink prices test the sellers at the $8 mark.
  • The bullish reversal shows a high likelihood of an uptrend to $9.3.
  • The intraday trading volume in Chainlink is $612 million.

LINK/USD Price Chart Source - TradingView

LINK Technical Analysis

The LINK price displays an expanding channel forming in the daily chart as the reversal from $6.22 gains momentum. The reversal rally accounts for a price jump of 26% in the last three weeks. Currently, the Chainlink prices display a bullish engulfing candle of 4.68%, being the torch bearer of the recent 13% bull cycle within the channel. Furthermore, the growing prices cross the $8 barrier, and closing above this will highlight a breakout entry opportunity for sideline buyers. The rising trend in the intraday trading volume supports the bull cycle in Chainlink prices, teasing a bullish breakout. If the LINK price trend gains bullish momentum, the bull cycle will break the can drive the market prices to $9 before reaching the 200-day EMA. However, a reversal in Chainlink prices from the $8 resistance level will push the prices back to the support trendline.

Technical Indicators

The RSI slope shows bullish growth in the nearly overbought zone reflecting no bearish divergence. Moreover, the MACD and signal lines show a bullish trend with an increasing spread. As a result, the LINK Technical Analysis indicates a high possibility of a positive upcoming trend. Resistance Levels - $8 and $9.3 Support Levels - $7.35 and $7


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