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
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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
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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.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
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