LINK has resumed a fresh uptrend after the recent retracement to $3.70 low. Yesterday, a Doji candlestick appeared in the downtrend signalling that the downward move is likely to end.
Today, the price action has indicated a bullish signal indicating an upward move of the coin. The recent downward move was caused by the bulls’ inability to break the $4.50 overhead resistance. Buyers retested the $4.50 resistance thrice before the resumption of the downtrend. As buyers push the price upward, the bulls have to break the resistance at $4.20 and $4.50 to accelerate the upward move. Meanwhile, the LINK is rising and approaching the high of $4.00.
LINK is currently above the 20 % range of the daily stochastic indicating that the market has bullish momentum. Presently, price is below the EMAs which indicate a downward movement of the coin. In the meantime, the price action is indicating a bullish signal. The EMAs are sloping upward indicating the uptrend.
Key Resistance levels: $4, $4.5, $5
Key Support levels: $3, $2.50, $2
LINK has resumed its upward move but the bulls will battle the $4.50 overhead resistance. The current overhead resistance is the historical price level in February and March where the bull market formed a bearish double top pattern. A break above this level will override the bear market. The crypto is expected to rise above the $5.0 high.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.