Technical Analysis for LNKUSD for 18th July 2022
Chainlink Adds 20% from 2022 Lows as LINK Breaks out from a Bear Flag
Past Performance of LINK
Chainlink prices are steady at spot rates, firm, like the rest of the cryptocurrency markets, and up 20 percent from 2022 lows. After plunging 88 percent from May 2021 highs, there are flickers of hope for bulls. Thus far, LINK is stable on the last trading day and breaking out from the bear flag. However, the resilience of bulls will be demonstrated once there is clear thrust above July 16 highs, ideally with expanding trading volumes to signal participation.
Chainlink Technical Analysis
From the daily chart, there are encouraging higher highs. With increasing trading volumes, the recovery from $5.5, a multi-week support level, could be the anchor propelling LINK to June 2022 highs in the near term. Thus far, Chainlink is trending above the bear flag following the breakout of July 16. The failure of bulls to follow through on July 17 may present an opportunity for aggressive buyers to double down on every dip today. This bullish preview is valid provided prices are ideally held above $6 and $5.7—or last week's lows. Meanwhile, a firm close above $6.8 may trigger more participants into action, lifting LINK towards $7.5 and later $9.5.
What to Expect from LINK
Buyers are confident, but there must be more confirmation of the end of last week's gains for the upside to take shape. Currently, traders should watch out for how prices will react at immediate liquidation levels at $6.8.
Resistance level to watch: $6.8
Support level to watch: $6
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