In our previous Chainlink discussion, the link price was approaching $1.53 which was our target based on it being the yearly pivot potentially being retested while looking at the strength of the moves off that spot which had provided a lot of liquidity in it’s limited interactions.
It was also a structurally important price as it was likely to determine where if LINK would continue it’s bullish market structure. The original chart has been included below:
Price certainly did not disappoint for the bulls as it interacted with the yearly pivot, had a strong and swift reaction without ever looking back. The first rally taking it to 2.07 before having a small retrace and continuing onwards and upwards barreling towards 2.96 before being rejected and now sitting at 2.53. Price has again started to form higher highs and lows once again.
It’s important to note that ChainLink has technically made higher highs and lows for over a year being in it’s own bull run since 2018 and a complete outlier in the market as a whole.
The next logical spot that will be quite difficult to overcome for bulls is $3.35 area as it was some of the highest liquidity with a lot of trapped traders. For the next lower low we’d love to see 2.34 hold if retested.
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Pentoshi is a macro trend trader who specializes in price action technical analysis utilizing high time frame pivots. A full time Crypto trader who is now directing focus on trading education.
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