The LINK is trading between support at $ 9.80 and resistance at $ 13.
Long-term technical indicators are bullish, but short-term ones are bearish.
The price may have completed wave A with an ABC correction
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The course ChainLink (LINK) has exceeded a downward trend line in place for over two months.
Despite this, the price has not risen significantly following its advance, and has yet to pass a crucial resistance zone. This could be a clear sign that the trend is up.
LINK price has been declining along a descending resistance line since August 17th, after peaking at $ 20.71. The decline continued to a low of $ 7.28 on September 23. Since then, the price has been rising.
On October 9, the LINK broke the descending resistance line. After a retracement that validated the $ 9.80 area as support, the price resumed its upward movement. The closest resistance zone is at $ 13. Until price crosses this zone, it is likely that the current move is a correction in response to the previous decline, rather than the start of a new upward move.
Daily data technical indicators are bullish. The MACD is on the rise, in addition to having moved into positive territory. The RSI has rebounded above the 50 line, and the Stochastic Oscillator is also rising after forming a bullish cross. Additionally, the October 23 close is the highest since September 6.
These are signs that the price is likely to continue to rise toward the $ 13 resistance, which it could exceed
Despite the bullish aspect of the daily timescale, the shorter-term data has started to show weakness. Both the RSI and the MACD have generated considerable bearish divergences during the most recent highs.
Thus, the price could decline in the short term towards the minor support zone of $ 11 before trying to pass the zone of $ 13. The second area of minor support coincides with the longer term support at $ 9.80, making it all the more notable.