Link’s mid-term outlook is still bearish but the trend is likely to change soon as it approaches an important resistance line. Volatility may look low at the moment but it is gathering momentum for a massive pump.
Recovering steadily from a dip two months ago, Link posted gains and continued to show signs of strength on a weekly scale. Though trading has been a bit slow since it bounced back from a key support this month.
Currently, it appears bullish and poise for a big move as it approaches a critical trading level on the daily chart. Volatility may appear low at the moment, but from a technical perspective, the price will soon break out of the descending trendline, acting as diagonal resistance since March.
A significant break above this trendline should facilitate a major price recovery in the market. That should give the bulls more control from a short-term perspective. A rally above $23 should bring a complete shift in the market structure.
Meanwhile, it is important to note that Link is still trading in a bearish zone in the mid-term. If the price continues to respect this descending trendline, Link may fall back. It must reclaim the recent low before we can consider a bearish continuation. With the current market sentiment, the bulls are much more likely to gain dominance.
LINK’s Key Levels To Watch
As it foots a bullish move on the daily chart, the immediate resistance level to watch for a break-up is $13, followed by $15.2 and $17.5.
If the price drops, it may roll back to the monthly low of $10.3. There are also supports at $9.3 and $8.1 – the September and August’s low.
Key Resistance Levels: $13, $15.2, $17.5
Key Support Levels: $10.3, $9.3, $8.1
- Spot Price: $11.9
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/chainlink-price-analysis-prediction-october-22-link-signals-bullish-as-it-gathers-momentum-incoming-breakout/