Technical Analysis for LNKUSD for 10th June 2022
Chainlink Rallies 53%, LINK Bulls Target $12.5 in a Retest
Past Performance of LINK
Chainlink prices are motoring higher at spot rates, and LINK is one of the top performers in the past 24 hours. The coin is within a bear breakout formation above the middle BB, completing a double bottom formation. LINK is up eight percent versus the USDT in the past trading day.
Chainlink Technical Analysis
After dropping 65 percent to print 2022 lows from April 2022 peaks, Chainlink prices are bottoming up. The consolidation of the second half of May 2022 was an accumulation following impressive gains in early June. With prices trending above $8.8, the middle BB, and May 11 highs, buyers are in control. Besides, LINK bars are banding along the upper BB, pointing to bullish momentum. From the candlestick arrangement in the daily chart, LINK buyers may load on every correction above $8.8 with targets at $12.5—Q1 2022 lows.
What to Expect from LINK
LINK prices are breaking out, adding 53 percent from 2022 lows. With a defined trend, buyers are solid and could push LINK to retest $12.5 in the medium term.
Resistance level to watch: $12.5
Support level to watch: $8.8
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