- The short and medium-term outlook is in a bullish trend.
- Traders may consider buying at pullback area.
LINK/USD Medium-term Trend: Bullish
Supply zone: $4.00, $4.50, $5.00
Demand zone: $2.00, $1.50, $1.00
CHAINLINK is in an uptrend in the medium-term outlook. The pinbar formation at $1.96 in the demand area suggests bearish exhaustion and trend reversal. $2.13 was the initial high. Increased bullish pressure pushed price further up at $2.20 with the breakout at the 10-EMA.
Price is above the two EMAs and the signal of the stochastic oscillator signal points up at 58%. These imply upward momentum in price with the target at $2.30 a key supply area in the medium-term.
LINK/USD Short-term Trend: Bullish
The short-term outlook of the cryptocurrency is in an uptrend. Though the bears had a brief control of the market as the market opens at $2.13 with a drop at $1.96 before exhaustion sets in. The bulls gradually set in with a breakout at the 10-EMA.
Price is up at $2.11 in the supply area. Increased momentum led to further upward price movement at $2.20 in the supply area above the two EMAs.
The signal of the stochastic oscillator points down at 60% an indication of minor drawdown reflected in the bullish flag currently been formed an indication of imminent bullish continuation.
$2.30 in the supply area is on the card as the pressure becomes stronger in the short-term.
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