Chainlink Market Update: LINK/USD rising wedge pattern breakout eying $6.00
- Chainlink extends the bullish leg above $5.55; buyers fixated on breaking above $6.00 in the near term.
- LINK/USD is in the hands of the bulls as seen with the RSI and the MACD’s upward movements.
Chainlink is leading the recovery in the market despite the generally red picture. The price has been on an upward roll since the crash in March. However, LINK/USD has also been facing its fair share of hurdles. For instance, there was a real struggle at $3.00, $4.00 as well as $4.50.
The recent breakout above the rising wedge pattern pulled the price above $5.00 and $5.50 respectively. Although the prevailing picture is bullish, LINK has slowed down the momentum towards $6.00.
Meanwhile, the price is trading at $5.52 after a whopping 13% rise in the last 24 hours. The daily chart shows the 50 SMA is increasing the gap above 100 SMA. For this reason, buyers are confident that they will soon push above $6.00 and renew the journey towards $10.00.
From a technical perspective, LINK/USD is in the hands of the bulls. The RSI supports the bullish action with its cross into the overbought region. At the same time, buyers are encouraged to increase their entries due to the MACD’s upward motion in the positive zone. For now, establishing support at $5.50 is the bulls’ priority while trading above $6.00 is their near term goal.
LINK/USD daily chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
