Cryptocurrency markets had to retrace the long way they had taken in months, with the onset of the May 19 crash. While a number of altcoin projects are taking the first steps to recover, Chainlink is steadily losing value levels. Cryptocoin. com, crypto expert Saif Naqvi, whose analysis we share, shared a current analysis for the latest status of LINK. Details are as follows…
Saif Naqvi comments on Chainlink (LINK)
Naqvi, who started his analysis by stating that after LINK retreated to $15, the lowest level on May 23, the monthly decrease increased to 44%, while adding that his pressure slowly subsided in this period, he draws attention to the upper channel formed. At the time of writing, LINK, which has increased by 6% in the last 24 hours to $ 17, has been trading in an ascending channel since June 22, as the analyst stated.
Adding that this pattern formed in LINK fell to the lower trend line without error, the analyst added that last week’s attempt to break through at the 100-MA (blue) was rejected, emphasizing that the 20 (red) and 50 (yellow) SMA lines for the new situation also fell in this process.
Stating that the RSI subsequently challenged the neutral zone and increased above 50-55, the analyst states that he will carry the upward price movement forward, accompanied by indicators. In addition, according to SMI, the decrease in the bearish momentum of the market and another selling pressure are interpreted as a “weak probability” according to the analyst.
Analyst draws attention to these levels on LINK
Adding that the DMI is still bursting in some bearish conditions, but getting a little closer to +DI -DI, the analyst emphasizes that a bullish crossover will signal a new trend and the bulls will regain the dominance. While this scenario has bold signs, according to the analyst, LINK needs to retake key areas to launch its next rally.
However, the analyst adds that in VR, LINK shows high interest around $18.3 and this attack conflicts with the 20-SMA in a different way. Pointing to the 100-MA moving close to $19.1, as the reason, the analyst thinks that with a successful close above these points, LINK can be pushed back to the 200-SMA (green) and the upper trendline of its formation correctly.
Levels to follow according to the analyst
While the analyst determines the $19.2 level for entry, he sets the profit level at $22.05 and the stop level at $17.2. According to Saif Naqvi’s analysis, the risk/reward ratio is 1.43x.
Finally, the analyst says that the bulls are poised to seize control in the short-term and selling pressure has eased in the Chainlink market. Adding that this gives investors the opportunity to take advantage of a potential price volatility in the coming period, the analyst added that $19.2 is an entry level quickly above LINK’s 100-MA and the $22.05 high of June 20 is the take profit level. determines.
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