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CHAINLINK – ALTCOIN CHART ANALYSIS

 


Chainlink (LINK) is in a clear downtrend on the smaller timeframes. We continue to make lower lows and lower lows. Trading volume remains at a low level.


We are currently trading at around USD 12 and thus well below the 4H-EMA ribbons. We see some hope in the RSI. A bullish divergence has developed there, at least temporarily.


This could give us some short-term lift if we can get enough volume into the market. A breakout at the start of the new week would be desirable, since there is hardly any volume in the market at the weekend.


However, we can see something much more exciting on the daily chart. There is a large falling wedge chart pattern forming that should soon come to an end and could lead to more volatility.


The RSI is close to an oversold zone, which is considered bullish in such a pattern as the likelihood of a breakout to the upside increases. Nevertheless, a sale is still in the room.


In particular, the $11.40 area could be retested and would still be consistent with the pattern. The downtrend could therefore soon be over for Chainlink. 

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