Chainlink (LINK) is currently consolidating in our former resistance zone. At this point we have already been rejected several times. Now we try to confirm this zone as support.
We're currently trading at around $7.80. The RSI is in an overbought territory, so a small correction is possible, at least to around $7.50.
There the 4H-EMA Ribbons are the first support. We should not fall below it, otherwise the uptrend could break and our resistance box is above us again.
On the daily chart, the picture looks a bit more pessimistic. The RSI has also arrived in a high area there. Trading volume is decreasing and we could not make higher highs at close.
This is where our next strong support is around $7.00. There are the Daily-EMA Ribbons, which have always acted as resistance and could be confirmed there as support.
Thus, a retest in this region would have to hold to confirm the trend. Then we could get fresh impetus to the upside and start a rally to around $10.
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