- The LINK token price reclaims the 20-day EMA
- The LINK/BTC pair traded at 0.0006432 BTC with a gain of 8.22%
- The 24 hr trading volume in LINK token is $2.2 Billion
For the past few days, the LINK token price has been fluctuating above the 0.5 FIB mark displayed by multiple lower-price rejection candles. Furthermore, Yesterday’s bullish engulfing candle provides better confirmation for price reversal which later gave a breakout from the critical resistance level of $30. Today, the price is providing a retest, validating whether the breakout is real or fake. The current price of LINK token is $30.40, with an intraday loss of 1.27%
Concerning the EMAs, LINK toke price is still trading above all the important EMA’s 20, 50 and 100, and 200. indicating the bullish trend remains intact.
The RSI (BULLISH) value is 55, indicating a strong bullish sentiment in the LINK token.
The LINK Token Provides A Breakdown From The Rectangle pattern.
The LINK token price fell below the $30 support level after experiencing sudden selling pressure on September 7. With this breakdown, the price entered a mild consolidation phase that ranged from $30 to $25. Until Yesterday, the token price remained in this range for nearly a week, when the price provided a decisive breakout from this overhead resistance. With the price passing this retest, Crypto traders have an excellent opportunity to enter the coin market.
The MACD indicator provides excellent confirmation of the breakout from $30 resistance when the MACD or signal line has crossed over the neutral zone. Moreover, the histogram chart also shows rising green bars, supporting the bullish momentum.
Conclusion: The overall trend in LINK token remains bullish from a technical perspective. And as mentioned, the price has bounced from the 0.5 FIB level and shows a reasonable possibility of price to continue its rise. Crypto traders have the option to position their funds in this coin if the price offers sustainability above the broken level.
Support: $25
Resistance: $30