After having a strong plummeting move on LINK, we see a daily strong support which has halted the daily bearish pressure. If this area has sustained the halted pressure, we may see a triggering effect on the cryptocurrency, followed by a huge bullish move towards the previous high.

Descending channel has been tapped on the support level. This adds to another confluence of the crypto.

The 75-78.6% retracement level is in confluence with the support. The price of the retracement level 17.50. This area, in confluence with the support, seems to be a stronghold for the bullish move.

EMA 50 has been broken out for sells. After the breakout, the retest has been left due, which needs to be done before market moves further. We anticipate the retest of the EMA 50, or even the breakout buy, towards the upper side.

Currently, RSI is at 46 and CCI, both are in an over extended sells. These level on the oscillators usually build pressure for the opposite side. A perfect nexus is formed with the over sold conditions and the prices on the chart.

Chainlink, needs to test the previous high. Earlier, we took a loss on our long entry. Now, we are again attempting to take another long position, anticipating the retest of the previous high.

Chainlink a perfect buy

Dec 06 2021