Chainlink Price breaks a‘ W-shaped’ pattern
Chainlink price smashed multiple ATH’s in consecutive days by raising drastically above $30 smashing the bearish divergence. However, the massive bitcoin price plunge impacted other assets including LINK price too.
The price slashed below $20 within no time, yet manifesting a healthy sign of recovery. The major boost was when the price broke the neckline of a ‘W-shaped’ pattern and sustaining above the levels.
Moreover, the LINK price has flipped the previous resistance levels into support levels which indicates the bullish momentum of the asset. A popular analyst, Michael van de Poppe has predicted the LINK price may go as high as 0.0017 BTC which comes to nearly $86 by mid-2021.
LINK Price Analysis
Link price experienced a free-fall in the previous working day, as the price slashed mercilessly from $32 to as low as $20.1 within a couple of hours. Later the price witnessed consecutive pumps and dumps which formed a ‘W-Shaped’ pattern in the hourly chart.
At the time of writing the token is trading at $28.48 with a massive jump of nearly 14.38% in the last 24 hours. However, the current levels reside around the neckline of the pattern and hence the upper trend is the need of the hour to maintain the bullish trend.
The RSI levels trend within the decent margin pointing to levels close to 60. The MACD indicator also surged after a plunge, manifesting a bullish momentum.
Technical Specifications
- The resistance levels are formed at $31
- The support levels are formed at $ 22.
- The indicators for the LINK price are currently neutral
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