LINK Technical Analysis: Will This Bull Run Cross Above $10 Mark?
Table of contents
Key technical points:
Past Performance of LINK
The LINK price action showcases a sideways continuation between $5.87 and $7.97 after a sharp downfall from $9.24 due to the rejection from the 50-day SMA. However, the recent bullish reversal within the consolidation range with a morning star pattern challenges the overhead resistance and the 100-day SMA. The current bull run accounts for a 23% jump in the last three days and displays a spike in intraday trading volume, reflecting the bullish support.
Source- Tradingview
LINK Technical Analysis
The bull run in LINK prices Breaks the $7.35 resistance level, which has kept multiple bullish attempts within the check. Hence if the daily candle closes above the $8 mark and the 100-day SMA, the bull run will continue to the next psychological mark of $10.
As mentioned before, the bull run challenges the 100-day SMA after exceeding the 50-day average in the daily chart. Hence the breakout of the 100-day SMA will provide a bullish breakout entry spot for traders. The daily RSI slope reverses sharply to break the 14-day SMA and the halfway line within the last 72 hours, reflecting a phenomenal jump in the underlying bullishness.
The MACD indicator displays the fast and slow lines gaining bullish pride as they avoid a bearish crossover with the help of increased buying pressure. Furthermore, resurging bullish histograms add points to the breakout theory.
In a nutshell, the LINK Technical Analysis displays a bullish bias as the buying pressure increases, and this is an uptrend continuation about the eight dollars mark.
Upcoming Trend
If the LINK prices break about the 100 DSMA, the bullish breakout rally will likely reach the overhead resistance of $10. Conversely, the bullish failure will lead to a retest of the $7.35 broken horizontal level with a high likelihood of a sideways continuation.
Resistance Levels: $8 and $10
Support Levels: $7.35 and $5.87