Chainlink price holding good cards for a push higher with 13% of profit nearby
- Chainlink price rally holds intact despite several attempts from bears.
- LINK bulls squeeze price action higher.
- Expect to see a sharp rally soon that could hit $7.50 to the upside.
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Chainlink (LINK) price has had a rough trading session after bulls could not push the price action above the 55-day and the 200-day Simple Moving Averages (SMA). With a few rejections, LINK bears had a free run to push price action into the ground. Nonetheless, stubborn bulls have been defending the green ascending trendline for March and it could prove to be a success in the short run.
Chainlink price bulls are stubborn
Chainlink price is having a pickup in volatility after it collapsed 10% in Wednesday trading session. Although the whipsaw moves look to favor the bears, price action is very much supported alongside the green ascending trend line from March. With several tests confirming the strength of the rally, more upside gains look to be at hand very soon.
LINK could jump back higher soon and might be proven successful this time in taking over the 55-day and the 200-day SMA on the topside. Once those two elements are turned into a bullish and supportive measure, the next halt is expected at $7.50. Should bulls be able to make that final stretch, a near 13% gain would be booked.
LINK/USD 4H-chart
Of course, a break below the green ascending trend line would be a binary risk. That would mean that bears will use the breakout as an entry point, swamping bulls with sell orders. A quick downward spiral would materialize with price action quickly residing at $6 and LINK printing a near 8% loss.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
