This strong recovery from the swing low at $3.30 to $4.79 has LINK now approaching its previous all-time high at $4.86.Crypto market 1-week price chart.
Unlike Bitcoin, LINK trading volume has shown that traders are excitedly buying each dip and the candlesticks of the past 3 days clearly show that a strong reversal has occurred.
As seen on Feb. 16 and Feb. 19, LINK struggled to push above $4.86 but the longer wicks on these previous two occasions show that traders took profits as the digital asset became overbought whereas in the current situation shows a candlestick with a shorter shadow, strong volume, and the MACD and RSI are strongly bullish but nowhere near overbought.
Meaning this time around, LINK may overtake its previous high at $4.86 and enter into the realm of price discovery.
On the shorter time frame, we can see LINK rallied after crossing above the neckline of an inverse head and shoulders pattern on March 3 and the current set up and trading volume suggest that the current rally still has strong legs.
If for some reason the market turned sour and LINK price pulled back, there is plenty of underlying support at $4.42, $4.31 and $4.11.
Below $4.11, the price previously bounced at the 50% Fibonacci Retracement level 4 times, most recently on Feb. 26.
The MACD has already pulled above the signal line and the histogram shows increasing momentum as traders buy into each dip that occurs.
At the time of writing LINK/BTC is pushing into a new all-time high and traders considering booking profits should keep an eye on purchasing volume on the shorter timeframe, along with the 12-EMA as the price has ridden along this MA on each previous rally.
The current ascending trendline on the 6-hr chart also lines up with the 12-MA so while LINK/BTC could possibly see some profit-taking over the short-term the uptrend remains as long as the price hold above 0.00050030 Satoshis.
Chainlink Nears $5 All-Time High Unfazed by Bitcoin Price Slump
Published on Mar 4, 2020
by Cointele | Published on Coinage
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