ChainLink (LINK) technical analysis:
Trade setup: Trends are improving. Price has bounced up from oversold levels (RSI < 30) near $5.00 support zone and above $6.00 resistance. However, it needs to break above 200-day moving average (~$6.70) to confirm trend reversal.
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $6.00 (previous resistance) then $5.50 and $5.00. The nearest Resistance Zone is ~$6.70 (200-day moving average), then $8.50.
Trade setup: Trends are improving. Price has bounced up from oversold levels (RSI < 30) near $5.00 support zone and above $6.00 resistance. However, it needs to break above 200-day moving average (~$6.70) to confirm trend reversal.
Trend: Uptrend on Short-Term basis, Neutral on Medium-Term basis and Downtrend on Long-Term basis.
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is $6.00 (previous resistance) then $5.50 and $5.00. The nearest Resistance Zone is ~$6.70 (200-day moving average), then $8.50.