$LINK

LINK : Bullish Breakout, But Tread Carefully!

Chainlink is showing some serious potential for a bullish rally, but there are a few things to watch out for.

4-hour chart: We just saw a breakout from a descending trendline, and the price is currently retesting it as support.

Daily chart: The uptrend is confirmed.

The stochastic RSI on both the 4-hour and 1-hour charts is flashing "overbought," signaling a potential pullback or consolidation.

It's a mixed bag, but the increased volume during the recent price surge is a good sign – it could mean big players are accumulating LINK. This could be a Wyckoff accumulation phase, which often precedes a significant upward move.

Short-term:

- Go long at the current price, but set a tight stop-loss just in case.

- Wait for a pullback to $16.5 - $17.0, or a strong breakout above $17.853.

- Consider a short position if LINK fails to break resistance and starts showing signs of reversal.

Long-term holders:

- The overall trend is bullish, so holding could be a good move.

- Keep an eye on price action and take some profits at key resistance levels.

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