LINK/USD Weekly Chart (Coinbase) – Supply: TradingView
At its present worth, that prediction has already produced a 13% acquire in simply 8 days as LINK’s rally saved going regardless of the newest wave of bearish momentum.
This transfer to $30 appears extremely probably, even when it means surpassing the token’s weekly development line resistance. The query is, will LINK break above that line or retreat strongly?
Key development line resistances in excessive time frames are usually fairly impactful for an asset’s mid-term worth trajectory. Therefore, if we get a bullish breakout, the percentages that this can result in a way more explosive transfer, probably towards the $38 – $40 vary, will improve dramatically.
Optimistic momentum is rising as we get near this degree. The Relative Energy Index (RSI) within the weekly chart can nonetheless preserve going for some time earlier than coming into overbought territory and the MACD has been on an uptrend for 3 weeks in a row already.
In the meantime, no indicators of exhaustion have popped up on this excessive timeframe.
Bullish Engulfing Candle Pops Up After Transient Drop
Heading to the every day chart, the value has simply hit a every day resistance at round $27. The worth initially retreated off this mark however a bullish engulfing candle has emerged as we speak that might make its means above this degree inside the subsequent few hours.
