Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. Chainlink’s [LINK] previous descending triangle setup rekindled the selling edge as the alt fell below its 4-hour EMA ribbons. As a result, the altcoin plunged to test the $6.1-zone before marking admirable growth over […]
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.
As the bulls encouraged LINK’s position above the EMA ribbons, the outlook for the alt took a bullish flip. While recent movements propelled a bullish structure, LINK might aim to continue its buying spree with the EMA ribbons providing immediate support.LINK’s reversal from the $7.4-mark resulted in a descending triangle structure over this timeframe. The sellers inflicted a series of lower highs alongside flatter lows in the $61.7 region.
The last four days observed a strong buying comeback while the alt jumped above the 200 EMA to depict a rather long-term edge. To top it up, the morning star candlestick pattern aided the bulls in reinforcing their vigor. The compelling rebound from the $6.3-level entailed a 30% ROI that pushed the alt to its month-long high on 30 July.
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