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Chainlink analysis – the price is in the accumulation zone. Is a growing trend waiting for us?

1 min read

Chainlink, like most cryptocurrencies, is located in a sideway structure that has been in place for about a month. However, some coins perform better than those within this structure others and these include LINK. The proof is also last rising leg, which bounced off the support at the point of control.

The last minimum was at point of control $ 19.90 and now the price is attacking the previous maximum. RSI however, it indicates that the current market price is also close to the short-term local maximum. It is thus possible that a double top will be created and the price will continue sideway. On the other hand, it is realistic to reach a higher maximum.

Chainlink in the storage zoneSource: TradingView

Chainlink in the buy zone

If the price manages to create a higher maximum, the output from the current structure will also be confirmed. The nearest bull target is located on the surface about $ 27.00. It should be noted that the current structure has tested the long-term support line several times. In the long run, we are therefore bullish, although the short – term price may still hesitate.

In the event that the price falls in the short term, the nearest support we will be interested in the surface $ 19.90 and then to $ 17.40. It is still true that we are in the buy zone after the successful completion of the previous correction structure. So a growing trend will follow. However, the question remains when.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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