đ Chainlink ($LINK ) Technical Analysis (14 October 2024)
Current Price: $10.72
Time Frame: 4-hour chart
Market Sentiment: Bullish Momentum Building
Indicators:
1. RSI (14): 61 - Close to Overbought (indicating potential upside but monitoring is needed)
2. MACD: Bullish crossover with MACD above the signal line, showing increasing buying momentum.
3. 50 EMA: $10.20 - LINK is trading above its 50-day EMA, confirming short-term bullishness.
4. 200 EMA: $9.80 - The price remains comfortably above the 200 EMA, reflecting a longer-term uptrend. Support and Resistance:
- Immediate Support:$10.20
- Major Support: $9.80
- Immediate Resistance: $11.00
- Next Major Resistance:$12.50
Chart Patterns:
A bullish ascending triangle pattern is forming, which typically suggests a continuation of the upward trend. If $LINK can break the $11.00 resistance, we could see significant upside. Trade Setup:
- Entry Price: $10.72 (current price)
- Take Profit Targets:
- Target 1:$11.50
- Target 2: $12.50
- Stop Loss: $9.90 (just below the support level to manage risk)
Summary:
Chainlink is displaying bullish momentum with strong technical signals. A potential breakout above $11.00 could lead to further gains, targeting $12.50 in the near term. Given the positive indicators, this is a favorable moment to consider a long position, but risk management with a stop loss around $9.90 is essential.
Always remember to DYOR (Do Your Own Research) and manage risks accordingly! đâš
