LINK Technical Analysis: Will the LINK Uptrend Sustain Above $8?

LINK followed the market trend by gaining over 8% in the last 24 hours as the bullish cycle gains momentum. Despite falling around 12.57% in the past 7 days due to the recent market crash following the crypto exchange FTX controversy, the coin made an excellent recovery in the past 48 hours. The price line moving above the 50-day SMA indicates an uptrend in the market, with increasing buying pressure with every fallout. The market cap also witnessed 7.91% growth to reach $3,496,073,205, showing an increase in demand. 

Key Points

Source Tradingview

LINK Technical Analysis

LINK price shows a steep bullish reversal rally with the rising influence of an uptrend on SMAs, teasing a breakout entry opportunity. The sideline buyers will get breakout entry opportunities if prices break the $8 mark. There is a higher possibility of continuation of the uptrend as the spike in trading volume supports the bullish breakout rally, with price consolidation above 50% Fib retracement level. The increasing buying pressure with an increasing number of low-price rejection candles indicates higher chances of an uptrend to the 200-day EMA. However, if the LINK price backtracks below $6.5 the trend will dump to the 100-day EMA.

Technical Indicators

After kissing the overbought zone, RSI dives below the midline making a bearish divergence.   However, due to buying pressure RSI bounces back at 50%. On a bearish histogram, the MACD line approaches the halfway line making a sharp bearish crossover as the gap between fast and slow lines increases, indicating a downtrend. The buyers can find multiple buying entry points with each breakout as LINK attempts to regain bullish momentum. 

The technical indicators show a strong uptrend in the LINK prices as RSI signals toward buying opportunities teasing bullish divergence above the midline.