- Chainlink decouples from Bitcoin and other major currencies, rallying to highs above $10.
- LINK/USD has the potential to keep the uptrend going, a descending wedge pattern breakout is in the offing.
Chainlink rallied massively in the last 24 hours, reminding investors in the cryptocurrency market that we are still in a bullish market. The last three weeks have not been particularly rewarding for not only LINK but also other digital assets. For instance, Chainlink continued with the downtrend started in August after trading all-time highs of $20.
Initially, support was established at $14, and for some time, it kept bears in check while allowing buyers to focus on higher levels. A minor recovery just before September revisited the resistance at $18. However, declines ushered in the new month, leading to losses under $10. Chainlink explored the rabbit hole towards $7.
Over the last 24 hours, the smart decentralized oracle live price feed token resumed the uptrend. LINK climbed above key levels including $10. Unfortunately, it has been an uphill task breaking the resistance at the 100 Exponential Moving Average (EMA) in the daily range. LINK/USD has retreated to $9.8 amid attempts from the bullish camp to pull above the $10 key level.
LINK/USD daily chart
Intriguingly, Chainlink still has the potential to continue with the uptrend. The losses incurred in the past few weeks have narrowed into a descending wedge. LINK/USD is very close to breaking the upper trendline resistance. The much-anticipated move depends on the ability of the bulls to disperse the seller congestion at the 100-day EMA. Following the breakout, more resistance should be expected at the 50-day EMA ($11.45) as well as $14.
LINK Intraday Levels
Spot rate: $9.80
Relative change: -0.07
Percentage change: -0.53
Trend: Short term bearish bias