ChainLink Technical Analysis: LINK/USD jumps 7% in just six hours looking to crack $8
|- LINK/USD has been under healthy consolidation for the past few days.
- The daily chart of LINK remains heavily bullish and in an uptrend.
After a massive bull rally towards $9, ChainLink price has finally cooled off, dropping to $7.1 from the peak but defending the daily 12-EMA.
LINK/USD 2-hour chart
-637310254746052911.png){kind=link}
Despite an extended downtrend, LINK has managed to see a bullish breakout above both EMAs and several resistance points. EMAs have crossed bullishly now and buyers are only facing a strong resistance level at $7.68.
LINK/USD weekly chart
-637310254934333651.png){kind=link}
Looking at the bigger picture, LINK is clearly bullish and could even drop as low as $5.5 while maintaining the weekly uptrend. The 12-EMA is all the way down at $5.33 and the 26-EMA at $4.36.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.