As LINK Faces Bumps During Uptrend, Path Still Remains Uncertain

Sharing his trading style, Crypto Rover, a crypto analyst, took to Twitter to mention that he buys LINK every single week. LINK, Chainlink’s native token, is currently ranked among the top 30 cryptos with a price of $7.10, according to CoinMarketCap.

I buy more $LINK every single week.

— Crypto Rover (@rovercrc) February 2, 2023

Looking at the 4-hour chart, LINK has been tagging along with the bulls ever during mid-January. There is no doubt, just like LINK, many altcoins have escaped from the grasp of the bears. LINK started the new year still under the bearish trend as the price was below the 200 EMA line.

4-hour chart, LINK/USDT (Source: Trading View)

However, the 200 EMA and 50 EMA made a golden cross, in the middle of January, thus, starting a new adventure with the bulls. LINK, during the bull run, started going upwards in almost a diagonal pattern, but faced some irregular bumps on the road.

The start of the week saw LINK price forming a double top pattern, creating an entry for a fall, almost touching the Support 1 region. LINK was under the 50 EMA for two days. However, on Wednesday, LINK recovered from this fall and started its climb going upward.

The Relative Strength Index (RSI) is valued at 49.25, which seems that LINK is currently neutral. But, the RSI recently crossed paths with SMA and went below it, which could indicate that there might be a trend shift to bearish. Since this cross was recent, it could be a small bump on the way, which could shift as the RSI crosses paths with SMA and goes above.

Currently, LINK is within the range of 50 EMA as it decides on its path. If LINK forms another double-top pattern, the price could fall back to support 1 region, but, if the price continues to go upwards continuously, it could take its place in Resistance 1.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source