ChainLink Technical Analysis: LINK/USD ready for a price boost after a healthy consolidation period

LINK price is currently at $16.3 after a healthy pullback and consolidation period.
Bulls have defended the daily 12-EMA three times in a row.

Lorenzo Stroe Independent Analyst

ChainLink price dropped from its peak of $20, however, buyers are not necessarily scared just yet as this seems to be a healthy consolidation period. Trading volume is dropping indicating that perhaps a bounce is already on its way.

LINK/USD daily chart

The daily RSI has cooled off significantly from 86 points to around 66 currently. LINK price has bounced twice from $14.69 and bulls have defended the 12-EMA. It’s important to note that the last low is all the way down at $12, which means that anything above this support level is considered a higher low and a continuation of the daily uptrend.

The MACD is on the verge of a bear cross for the first time since August 3 but could shift in favor of the bulls again if they can see a breakout above $17 in the next few hours.

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.