Chainlink Price Surges: Bullish Momentum Builds as Key Resistance Levels Near
The recent trading sessions have seen the #Chainlink price experiencing a noticeable uptrend, moving from a close of $15.516 to a peak of $16.521, before slightly retracting to $16.387. The uptrend is further corroborated by moving averages with the 9 EMA (Exponential Moving Average) showing a continuous rise from $14.278 to $15.487, while the 20 EMA increased from $13.893 to $14.688. This suggests a strengthening bullish momentum as the price consistently remains above both the 9 EMA and the 20 EMA.
The MACD (Moving Average Convergence Divergence) indicator reinforces this bullish outlook. The MACD values have progressively increased, indicating growing bullish momentum. Additionally, the histogram, which measures the distance between the MACD line and its signal line, remains positive and suggests that the bullish momentum is still strong.
RSI (Relative Strength Index), a momentum oscillator that measures the speed and change of price movements, has also been in the overbought territory, peaking at 85.37. While traditionally this might suggest a potential pullback, the persistent high readings align with strong bullish momentum in the context of this uptrend.
Considering potential movements, $LINK is approaching key resistance levels at $17.763, $17.775, and $18.02. A successful breach above these levels could set the stage for further gains. Conversely, should the price start to decline, support can be found at $14.771, $14.536, and $14.471. These levels could serve as strategic points for traders to consider entry for long positions if the price dips but the bullish trend remains intact. #LINK #write2earnđđš #TrendingInvestments #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.