The Price of Chainlink (LINK) Shows Promising Long-Term Bullish Signals
– LINK has reclaimed a significant horizontal level and is attempting to overcome a long-term diagonal resistance level.
– Short-term indicators are causing some uncertainty due to a breakdown from an ascending support line.
– The price of LINK declined below a descending resistance line since May 2021 but quickly recovered.
– The current attempt at breaking out from the descending resistance line is the second attempt.
– The weekly Relative Strength Index (RSI) supports the upward movement, indicating an advantage for bulls.
Is Breakdown the Beginning of the Correction?
– The six-hour timeframe analysis is bearish, with the price breaking down from an ascending support line.
– The price is currently in the process of validating the support line as resistance.
– Despite the breakdown, the six-hour RSI supports a continuing increase, suggesting a bullish trend.
– If the price continues to increase, it could reclaim the support line and break out from the long-term descending resistance line.
– A rejection could lead to a drop to the Fibonacci retracement support area, resulting in a decrease from the current price.
The Long-Term LINK Price Prediction is Bullish
– A breakout from the long-term resistance line is expected.
– Failure to reclaim the short-term ascending support line could delay the breakout and lead to an initial retracement.
– The crucial level to watch is currently at $7.60.
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