Link just wicked the premium support level of 6.80. It needs to continue moving up after testing the support level.

Link has broken out of a range, which potentially is the range on the bullish trend. The range is still intact and market still has not broken on either of the sides. We will be looking to buy at the support level priced at 6.8. Our target would be at 7.90, which is the resistance. This is more of a intraday-swing trade on the pair.

The descending trendline is again heading out for breakout buys and the market has also validated the price action for the continuation upwards. The ascending trendline will be priming for the market to touch and retest it and then, maybe continue moving up.

The retracement level of 61.8% is in confluence with the support level.

EMA 50 is now bullish and may get a retest at the support level with the EMA 50.

RSI is at 33. It is near the over sold region. Once it goes below the over sold, we can see the bullish divergence formation and align with the technical analysis.

Another buy attempt on Chainlink

Aug 06 2023