Chainlink Price Analysis: LINK Price Eyes A 25% Relief Rally
On June 10th, the LINK price reverted from the wedge pattern’s resistance trendline, triggering the next bear cycle within the pattern. The V-top reversal slumped the altcoin by 40%, hitting the last lower low support of $5.64. However, the morning star candle forming at this support hints the buyers may drive the price back to overhead resistance.
Key points:
- The LINK price rebounds from the $0.53 mark with the morning star candle and registers a gain of 30$
- The daily-MACD indicator offers a bearish crossover
- The intraday trading volume in the LINK token is $1.059 Million, indicating a 1.31% loss.
Source- tradingview
The LINK/USDT technical chart showcases the ongoing downtrend is confined within a falling wedge pattern. The multiple retests to the above and bottom trendline indicate that the traders strictly follow the pattern structure and should eventually give an expected outcome.
Though the pattern carries a one-sided downtrend, its trading set-up should provide a strong upside move if the coin price breaches the overhead resistance trendline. However, as of now, the LINK price witnessed another reversal from the resistance trendline amid the ongoing sell-off in the market.
The V-top reversal initiated from the $5.36 mark tumbled the LINK price 40% lower to the May low of $5.64. However, on May 14th, the altcoin rebounded from this support with a bullish engulfing candle, indicating a reversal possibility.
If buyers could muster up enough momentum, the LINK price may surge 25% higher to rechallenge the descending trendline.
Conversely, the $5.64 fallout may sink the LINK price back to support the trendline.
Technical indicator
MACD indicator: the failed attempt from MACD and signal slope to enter the bullish territory with midline breakout triggered a negative crossover. The indicator has not yet to provided a sufficient spread to confirm the sell signal.
ADX- the downsloping-ADX slope accentuates a significant loss of bearish momentum. If the buyers take advantage of the reduced selling pressure, the altcoin may breach the pattern’s trendline.
- Resistance levels- $9.32 and $12.4
- Support levels- $5.63-$5 and $4
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