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LINK Price Eyes A 25% Relief Rally

Posted 2 hours ago

On June 10, the LINK price broke back from the resistance trendline of the Wedge Pattern, triggering the next bearish cycle within the pattern. The V-top reversal sent the altcoin down 40%, reaching the latest lower support at $5.64. However, the morning star candle forming at this support hints that the buyers could drive the price back to the overhead resistance.

Key points:

  • LINK price rebounds from the $0.53 mark with the Morning Star candle and registers a gain of $30
  • The Daily MACD Indicator Offers a Bearish Crossover
  • The intraday trading volume in the LINK token is $1.059 million, indicating a loss of 1.31%.

LINK/USDT ChartSource- business view

The LINK/USDT technical chart shows that the ongoing downtrend is confined within a falling wedge pattern. The multiple retests of the above and lower trendline indicate that traders are strictly following the pattern structure and should eventually yield an expected result.

Although the pattern carries a one-sided downtrend, its trade setup should provide a strong upward move if the coin’s price breaks above the general resistance trendline. However, as of now, LINK price saw another reversal from the resistance trendline amidst the ongoing sell-off in the market.

The V-top reversal initiated from the $5.36 mark sent LINK price down 40% to the May low of $5.64. However, on May 14, the altcoin bounced off this support with a bullish engulfing candle, indicating a possibility of a reversal.

If the buyers can muster enough momentum, the LINK price could rise 25% to challenge the descending trendline.

Conversely, the fallout from $5.64 could cause the LINK price to pull back to support the trendline.

Technical indicator

MACD Indicator: The MACD’s failed attempt and signal slope to enter bullish territory with a breakout of the midline triggered a negative crossover. The indicator has not yet provided enough spread to confirm the sell signal.

ADX – the downward slope of the ADX accentuates a significant loss of bearish momentum. If buyers take advantage of reduced selling pressure, the altcoin may break the trendline of the pattern.

  • Resistance Levels – $9.32 and $12.4
  • Support levels – $5.63 – $5 and $4

For the last 5 years, I have been working in journalism. I have been following Blockchain & Cryptocurrency for 3 years. I’ve written on a variety of different topics including fashion, beauty, entertainment, and finance. contact me at brian(at)coingape.com

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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