Chainlink (LINK) - 4h. The target of $40-41 remains relevant

8 Jun 2021

The breakdown of the downward consolidation triangle in the BTC market certainly affected the entire crypto market. However, does this fact mean that a new wave of decline has begun and the cryptocurrency market is facing a new phase of depression?

Looking at the LINK price, we can see that buyers have managed to maintain the liquid range that we wrote about in the previous idea:

As you can see, the LINKUSDT price has already bounced twice from the liquid range of $22-24. In addition, sellers have already tested this range at low volumes twice. These facts give us information that:
- consolidation on the LINKUSD market is not complete
- a new local wave of growth should be expected with the target of $30-31.

However, if you look at the LINKBTC price chart, you can see a great growth prospect:

Please note that sellers do not try to push the price down at all on the 3-day timeframe. This is clearly seen in the low trading volumes. Given Chainlink's low selling interest and buyers' control of important price zones, the range of $30-31 will be the first target for buyers. The global target is at $40
____________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!