Chainlink Price Analysis: LINK Trading In Huge Downtrend, Possible V-Formation

Chainlink Price is trading in a huge downtrend channel and is forming a possible V-formation. Now it is consolidating below the EMAs and is showing low volume. The RSI bounced at the oversold area which is bullish but it can come back again into this arena to confirm this overall shape.

Chainlink [LINK] Price Analysis: 4 Hr Chart

The MACD showed a crossover to the upside and this is a bullish sign when it does not come back and crosses again to the downside this will give a fake breakout when LINK confirms the V-formation and above the EMAs we can expect it to cross over the downtrend channel also this will give a bullish sign otherwise it is till bearish. 

• TREND: Consolidation
• EXPECTATION: V-formation
• TREND AFTER EXPECTATION: breakout
• PREV: 3.95245
• OPEN: 3.93269
• VOLUME: 174.508K
• DAY’S RANGE: 3.89548 — 4.09664