Chainlink Breaks Above $14.00 as Altcoins Take Control on The Bullish Run

  • Chainlink is into making significant price recovery action in the market as it had a positive breakout above the bullish mark of $14.00
  • However, profit-booking momentum was instantly observed as soon as the price mark was reached resulting in strong retracement
  • This has forced the LINK/BTC pair to turn negative facing a loss of -4.10% bringing the current level down to 0.00073833 BTC
link1
Source: Tradingview

Chainlink was able to make significant price recovery action in the market after reaching critical support area of $8.00 on the downside. The price levels have now broken above the bullish mark of $14.00, indicating its potential for retesting its 52-week high of $20.00. However, the retracement was soon monitored in the price levels, which forced the CMP to reach at $13.00. 

link2
Source: Tradingview

The moving average convergence & divergence was close enough to provide a bullish crossover but retraced back due to the correction activity. Another retest for $14.00 is expected to complete the positive crossover this time. 

The relative strength index (RSI) is sustaining bullish levels and targeting the overbought region with positive nature. The current level stands at $61.94. 

The price levels have formed an ascending triangular pattern with the ongoing price recovery action and also provided a positive breakout above the pattern. The retesting of the major resistance point of $13.40 came with positive results as the coin headed for a break above $14.00 later on. 

link3
Source: Tradingview

On the moving averages, EMA-20 has already given a positive breakout against EMA-50 and EMA-100. This reflects on the strong positive sentiment prevailing in the crypto asset for the bullish run. If the positive momentum is sustained, EMA-20 can be acting as a support line for the price levels with a positive nature. 

link4
Source: Tradingview

The monthly candles on the chart of Chainlink form ABCD pattern and currently moving positively towards point D, indicating the inception of potential 3rd wave after getting corrected to point C. The 52-week high can be treated as an assumable Point D on the candle. Overall, the current retracement might be presenting a reasonable buying opportunity for the investors as the altcoins are on the move on an aggregate in the overall market conditions.

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Krystian Bielanski
Krystian is a crypto trader and investor with a background in IT based in Hong Kong. He specialises in technical and fundamental analysis working closely with chartist and algo programmers.

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