Chainlink is currently looking to break through the recent top at around $ 33
Chainlink had a bullish outlook on the charts as it approached a resistance level of $ 31.38 once again. While a fall back to $ 30.5 can be seen, short-term momentum has swung strongly in favor of buyers. Bitcoin and Ethereum have also remained above crucial support areas, making a fall across the market less likely. At financing fees for perpetual futures trading they showed that the longs are in high volume.
Chainlink 1-hour chart
Source: LINK / USD at TradingView
On the 1-hour chart, the downward (white) trend line for the past few days has been broken. It can be tested again in the next few hours, so scaling to long positions at $ 31 and $ 30.5 in a new test can be profitable.
Last week, LINK surpassed the $ 28.6 resistance level. There was a sharp drop from $ 33 to $ 28.7; however, LINK has continued to record a series of higher lows over the past two weeks. It has rounded the corner at $ 24.6, and the upward trend has not stopped since.
The next move for LINK would be an attempt to return to the local highs of $ 33 and overtake it to test the $ 35 region in the next few days.
Reasoning
The white trend line on the price chart replicated on the RSI indicator showed the RSI surpassing the trend line as well. This confirms the bullish momentum behind LINK, and no divergence has yet been seen.
The RSI could return to neutral 50 if LINK falls to retest the $ 30.5 area, but just closing a trading session below $ 29.5 would indicate that bears are on the rise again.
Chaikin Money Flow rose back into neutral territory between -0.05 and +0.05, showing that the flow of capital in and out of the market was balanced, meaning that neither sellers nor buyers dominate the market. influence in the market.
The price closed a session above $ 31.15, which caused the Supertrend indicator to change from a sell signal to a buy signal. The Supertrend indicator recommended a $ 29.9 stop loss as well, and a drop below this level would turn the indicator over again.
Conclusion
The move beyond $ 28.6 is extremely significant for LINK in the coming weeks, and the upward trend in the past two weeks has not been stopped. Purchases staggered at $ 31 and $ 30.5, with a stop loss of $ 29.9- $ 29.5, are feasible, according to the analysis.
Source: AMBCrypto
