Lorenzo Stroe
Independent Analyst
- 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.
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
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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.
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