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Does Chainlink have room to go back within a week?

In the past few weeks, the price of chainlink (LINK) showed a fair amount of strength against Tether (USDT), breaking out of a range that led it to the top of $ 10 per token. Recently the price of LINK has faced a serious resistance to the upside that has forced the value of the token to revise its technical supports: the prices of LINK have thus fallen from about 10 to 7 dollars, with LINK trying to get out of this. region.

Despite having repeatedly shown quite a bit of strength, LINK's price has always been rejected while Bitcoin and other cryptocurrency they suffered a setback that affected the price of other altcoins. The price of LINK then closed the week with a good volume, so much so that analysts are convinced that if LINK manages to maintain this momentum and this volume, it will be possible to see the price of the token retest the 10 dollars.

In short, after successfully exiting the daily channel recently, LINK's price was pushed back from $ 10 to its daily range. At this point for aim for new recent highs LINK's price needs to break through the resistance with good volume and trade above the technical range it is forced into. So if LINK fails to break above the range, we could see the price retest the technical support area.

Recall that LINK is trading at a present value of $ 7,1 below the exponential moving averages (EMA) at $ 50 and $ 200. Prices at $ 7,3 and $ 10, which correspond to the 50 and 200 EMAs, act as resistance to LINK's price. Support areas are located around $ 6,2: LINK price must stay above this support area to have a good chance to move up.

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Roberto Rais

A great cryptocurrency expert and a long time collaborator. He actively follows several specialized Blogs in the cryptocurrency sector as Editors

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