Chainlink (LINK) has achieved significant momentum during the year, and its recent success has shown a few days of upward acceleration.
The asset was able to make good use of the short trend it caught, reaching $ 35.71 levels. The asset saw serious selling pressure due to this local post-peak profitability and the price dropped to the $ 27 band earlier in the day. But for the asset, the bulls were as mobile as ever and they absorbed the price, forcing it to push up again.
Chainlink has actually been giving bullish signals since last week. One of the biggest indicators of this is the buying attack by LINK whales last week. According to the latest data, the number of accounts that hold between one million and 10 million LINK assets in their wallets has tripled last week. This offered the opportunity to get a signal in the price increase, albeit partially.
Techniques and Short Term Forecasting
The instant bottom of the price had a recovery with the rapid intervention of the bulls. It may be sufficient to look at a few indicators for the continuity of this situation. The CMF indicator can be considered as an effective indicator for the continuation of the trend, and after the bottom price is moving again in positive points. RSI and stochastic RSI data are also very important. In these data, the asset leaving the oversold zone is more controlled and is moving towards points that will support the rise.
Fib. Looking at the points, there is a possibility for LINK to reach $ 38 in the coming periods. Mobility to this point could find a support point above the 50-SMA in the moving averages in a possible retracement. The moving average data is also floating below the candlestick chart, it will have an upward effect. Fib. The price may exceed the $ 40 band after $ 38, a possible correction.
The price is currently trading above the local support point of $ 32.4. We can see on the charts that this level has been accepting support by the bulls for a while. In the Bollinger bands, the widening band of the bearish movement turned upwards with the rise of the price contrary to expectations. Recent views show that the SAR data increased the receive signals and the bands widened again. This increases the signals that a new trend burst may come for the price.
In the unlikely event, the price break again could drag the LINK value up to $ 25.5 this time.