Chainlink Technical Analysis: LINK bulls fight back control, as $37 beckons
- Chainlink price has bounced-off critical support near $33.
- LINK bulls look to rising wedge hurdle at $37.04.
- RSI points higher above the midline, allowing more gains.
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Chainlink (LINK/USD) is resuming its bullish momentum after last week’s corrective pullback from record highs of $36.92.
The ninth most traded cryptocurrency enjoys a market cap of $14.10 billion, as it sheds 1.72% over the last 24 hours while adding 1.24% on the week.
LINK/USD: Bulls look to retest record highs
LINK/USD: Four-hour chart
LINK/USD has found strong buyers around $32.90, which is the confluence of rising trendline support and upward-sloping 50-simple moving average (SMA).
This has prompted the bulls to regain control, with the all-time-highs back in sight. The next barrier for the token is aligned at $37.04, which is the rising wedge hurdle.
The upside appears more compelling for Stellar Lumens, as the price has risen above all major averages, with the Relative Strength Index (RSI) pointing north above the midline, also supporting the bullish case.
A confirmation of an upside break from the wedge formation could call for a test of the measured target at $47.25.
Alternatively, a failure to resist above the aforementioned critical support could yield a rising wedge breakdown, triggering a sharp drop towards the bullish 100-SMA at $29.79.
The next relevant cushion is seen at the bullish 200-SMA at $26.28.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
