Lorenzo Stroe
Independent Analyst
- LINK looks unstoppable after breaking the $5 resistance level.
- LINK/USD is up by more than 20% in the past 48 hours, hitting a new all-time high at $5.90.
ChainLink has been clearly outperforming the market for the majority of its existence. Throughout 2020, the digital asset has seen astronomical gains from a low of $1.75 on January 1 to the current high at $5.9. After April 6, LINK has traded above the daily 26-EMA almost the entire time except for a brief period between May 11 and May 20.
LINK/USD daily chart
-637297404439314923.png)
Obviously, because this is a new all-time high, there aren’t many resistance levels to the upside. The RSI is overextended and should act as resistance but the bullish momentum seems too strong right now. Other than that, buyers are facing the $6 psychological resistance level and aiming to hit $7 in the near future.
LINK/USD 4-hour chart
-637297404670891721.png)
Zooming in, we can clearly see that LINK’s bull move was healthy with a huge initial move on July 6 followed by a brief consolidation period and the next leg up.
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