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LINK Price Is on an Uptick and Registered a Surge of 16% - Technical Analysis

source-logo  cryptoknowmics.com 11 February 2021 11:30, UTC

In the past month, the LINK price has shown a positive trend. The past week started with a price uptrend. However, a price pullback occurred on January 31, 2021. Thereafter, the LINK price is steadily rising even though there are intermittent high peaks and troughs.

Past Performance

On February 3, 2021, LINK started trading at $23.71. As of February 9, 2021, the closing price of LINK was $27.60. Thus, in the past week, the LINK price was uptick and registered a surge of approx. 16%.

In the past 24 hours, LINK traded in the price range of $25.01 – $28.20.

https://www.tradingview.com/x/6mVoo61M

How LINK Looks for Ahead Game

Currently, LINK is trading at $27.69. There is only a slight rise from the opening price of $27.61.

The AO indicator is positive. Hence, it is giving signals for going long. The OBV indicator is also steadily rising. Thus, buying volumes are more than selling volumes. Thus, we can expect the LINK price to rise further.

The A/D indicator is also gradually rising. Therefore, accumulations are steadily overtaking distributions. The off-loading activity has slowed down. The market is picking up and we can expect the price to increase.

The ADX indicator is volatile with intermittent peaks and troughs. It has fallen since morning indicating that the bullish momentum is not strong. There is bearish divergence here and hence we can expect a trend reversal.

The MACD and signal lines were negative an hour back. But, now they have turned positive. So, the bullish momentum is gaining strength. A bullish crossover by the MACD line over the signal line implies a price uptrend.

The RSI indicator is presently at 66%. It just treaded above 70% into the ‘overbought’ region, an hour back. Buying pressures are still high. Hence, the upward movement of price will continue.

The SMA and EMA lines are below the price line. So the price trend looks positive.

Currently, the price is trading above the Fibonacci pivot point of $26.94. However, it is struggling to go past the first Fibonacci pivot resistance level of $28.15. If the price goes above the first resistance level as well as the subsequent Fibonacci pivot resistance levels of $28.90 and $30.12, then the bullish momentum will sustain.

The price has gone past the 23.6% FIB retracement level of $27.43. If the price breaks out of the 23.6% FIB extension level of $28.94, by the end of the day, then we can expect the bull-run to continue tomorrow as well.

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