#Chainlink Surges 36%, will LINK Break Above $8?
Past Performance of Chainlink
Chainlink buyers have been active in the past few trading days. Even after losses of early November, LINK is higher in relative terms, adding an impressive 36 percent from November 2022 lows. Even so, LINK remains within a bear breakout formation, looking at the candlestick arrangements in the daily chart.
#Chainlink Technical Analysis
Buyers are confident and expect more gains in the short term. Even though LINK buyers have the upper hand, the path of least resistance is southwards. Clear in the daily chart, LINK is within a bear breakout formation. Besides, the November 8 and 9 bearish engulfing bars still define the recent price construction. Therefore, sellers have the upper hand from an effort versus results perspective. Solidifying this outlook is that recent gains have been with lighter trading volumes—compared to November 8 and 9. As such, sellers are in control unless LINK clears $8, the November 8 high. This means every high could be a liquidation opportunity for traders targeting $5.5.
What to Expect from #LINK?
LINK buyers are confident. Despite gains, there must be a complete reversal of November 8 losses. Once there are gains above $8, LINK will highly likely float back to November's peaks at $9.5.
Resistance level to watch out for: $8
Support level to watch out for: $5.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
Chainlink buyers have been active in the past few trading days. Even after losses of early November, LINK is higher in relative terms, adding an impressive 36 percent from November 2022 lows. Even so, LINK remains within a bear breakout formation, looking at the candlestick arrangements in the daily chart.
#Chainlink Technical Analysis
Buyers are confident and expect more gains in the short term. Even though LINK buyers have the upper hand, the path of least resistance is southwards. Clear in the daily chart, LINK is within a bear breakout formation. Besides, the November 8 and 9 bearish engulfing bars still define the recent price construction. Therefore, sellers have the upper hand from an effort versus results perspective. Solidifying this outlook is that recent gains have been with lighter trading volumes—compared to November 8 and 9. As such, sellers are in control unless LINK clears $8, the November 8 high. This means every high could be a liquidation opportunity for traders targeting $5.5.
What to Expect from #LINK?
LINK buyers are confident. Despite gains, there must be a complete reversal of November 8 losses. Once there are gains above $8, LINK will highly likely float back to November's peaks at $9.5.
Resistance level to watch out for: $8
Support level to watch out for: $5.5
Disclaimer: Opinions expressed are not investment advice. Do your research.
