Chainlink Price Prediction: Countertrend moves towards the mid-$7.00 zone
- Chainlink price rose by 3% over the weekend.
- The Volume Profile Indicator shows bullish strength.
- Invalidation of the bearish thesis is a breach above $7.62.
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Chainlink price shows upside potential. Key levels have been defined.
Chainlink price to challenge the bears
Chainlink price is showing evidence of a continuation of the current countertrend rally. Since the weekend, the LINK price has risen by 3%, producing a large bullish engulfing candle. An influx of volume accompanies the trend.
Chainlink price currently trades at $6.95. The bulls are trying to hurdle through the psychological $7 level, but the 8-day exponential moving average is currently acting as resistance. If the bulls can hurdle the barrier, all signs would point to a go. LINK price could rally towards $7.25 for an additional 20% hike.
LINKUSDT 30-Minute Chart
Invalidation of the bullish thesis is a breach below the recent $6.80 swing low established on October 21. If the bears breach this level, the uptrend scenario will be deemed invalid. Doing so could result in about a 20% decline toward previous liquidity levels near $5.70.
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Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
