ChainLink (LINK) has done it again, folks, performing seemingly in defiance of the rest of the crypto market which took a massive hit yesterday. LINK is quickly retaking lost levels, including the level at its previous all-time-high (ATH), and may actually stabilize here.
We start with the daily LINK/Bitcoin chart, and see that a massive reversal came in yesterday just as ChainLink seemed to have lost its previous ATH level. A torrent of buying came in to push the altcoin back above that level and above the 21 EMA.
Today’s price is already back above the 8 EMA, and it would be very impressive to close above this average.
Of course, things don’t look quite as good on the 3-day dollar pairing. Price here drove moderately into the retracement scale, although it didn’t even make it down to the Golden Pocket at .618. After LINK’s runup in early 2020, a consolidation between the 8 and 21 EMAs would be perfectly healthy and bullish, as this is still above almost all of LINK’s price history.
The indicators are doing well, with the histogram’s bearish contraction clearly tapering off. The RSI has also had plenty of time to cool off after its record-breaking run, and if things stabilize in the coming days/weeks, it will have a fresh runway on which to roll.
Coming way down to the 2-hour LINK/Bitcoin chart, we see what may or may not be a double top forming. It’s hard to expect that this LTF uptrend is going to continue, and we may consider it more likely – given the bearish market – that LINK is going to consolidate at safe levels rather than trying to break its just-laid new ATH.
We see what is so far a bearish divergence on the RSI, although this could admittedly break easily and set a new market structure above ₿0.00043. The histogram is basically holding its direction of a bullish expansion, with a trend that seems to be arching back up.
LINK has really shown its power in the last couple of days, hurling back the general market trend and likely securing its new market structure.
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