Breakout is Confirmed, See When to Buy

LINK coin, also known as Chainlink, is a cryptocurrency that has been making waves in the market for quite some time now. LINK/USDT started falling in April 2022 after the bears took control of the support level of $12.59.

The downtrend continued and the price reached rock bottom at $5.3, causing concern among investors and traders. Since then, the coin consolidated below the level of $9.367 for more than a year until it broke past this level recently.

LINK Coin Price Technical Analysis and Prediction

As of the latest update, the LINK coin price is currently at $11.5. After the 3 consecutive days of bullish candles, the buying volume for LINK has increased since the bulls broke the resistance level of $9.3. Notably, the coin has surged by a remarkable 64% in just ten days. The bulls have also broken the resistance level of $10.7, which is now acting as the immediate support.

Surpassing the overbought Threshold

In addition, the relative strength index (RSI) has surpassed the overbought threshold of 70 and is currently at 79. Moreover, the simple moving average (SMA) line has reached near it at 73. One of the primary indicators, the moving averages, also conveys profound insights.

The 50-day EMA is currently at $8.4, while the 150-day EMA is at $7.4. Both the EMAs have recorded a bullish crossover at the start of this bullish surge while the price action for the last ten days has remained above it.

LINK Coin Prediction

Now that the coin has broken the sideways trend and two major resistances in one go, some corrections will likely be seen. However, the gap between the RSI and its SMA, it’s very minimal, which indicates that the bulls haven’t given up on the current levels.

Moreover, looking at the 15-minute time frame, the bullish rally continues. However, the analysis predicts that before breaking the immediate resistance level of $12.5, LINK bulls will taste their present support level. Hence, the price prediction will be above the current support level until a major momentum arrives.

Conclusion

LINK coin started falling last year and hit rock bottom. After this free fall, the bulls took control which resulted in a long consolidation period. Recently, the coin started a bullish rally which has resulted in a breakout. The price prediction for LINK coin is above the current support levels.

Technical Levels

Support Levels: $10.7 and $9.367
Resistance Levels: $12.9 and $14.5

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in coins, cryptos or related indexes comes with a risk of financial loss.