ChainLinkLong
LINK long term analysis
Hello partners,
I would like to share with you the following long-term review on LINK.
If we take the oldest data records as a reference, we can see how the value is in a long-term uptrend, maintaining the increasing lows except for the crash that the market suffered in March 2020.
The most relevant fact that we could highlight is the strong impulses that the value experiences from the lows of the channel, propelling the cryptocurrency in a short time to the highs of the channel.
On the other hand, the fibbonaci retracements of these impulses, in which the bottom is at the levels of 78%, are usually indicative of new strong impulses to the upside.
Given the current situation, a correction to the $ 7.2 level in early October would not be unusual, where the bullish channel base and the 78% fibbonaci retracement are found.
Respecting these levels could give us a safe ground to take positions with a view to mid-2021 where if this channel is respected, the selective prices could be around the psychological barrier of $ 50.
In the event that these minimums were not respected, as happened in March and if the current situation (perhaps a second quarantine, falling demand and strengthening of the dollar) forces more falls, we would have the support of $ 4.7. Since it seems that the currency moves in a wide price range marked by the green horizontal lines, where it could find said support of $ 4.7. If these minimums are drilled, we would have a technical complication in the price with a view to the long term.
I see this second option more complicated since as it is appreciated, the RSI marks oversold levels and as happened in previous periods, the cryptocurrency tends to respond with strong upward impulses at those times. The same situation of the decline in volume could also be indicative of further increases.
The analysis is just an opinion that if the good fundamentals of the currency persist, it can maintain the upward trend in the background.
Greetings,
Adolfo
I would like to share with you the following long-term review on LINK.
If we take the oldest data records as a reference, we can see how the value is in a long-term uptrend, maintaining the increasing lows except for the crash that the market suffered in March 2020.
The most relevant fact that we could highlight is the strong impulses that the value experiences from the lows of the channel, propelling the cryptocurrency in a short time to the highs of the channel.
On the other hand, the fibbonaci retracements of these impulses, in which the bottom is at the levels of 78%, are usually indicative of new strong impulses to the upside.
Given the current situation, a correction to the $ 7.2 level in early October would not be unusual, where the bullish channel base and the 78% fibbonaci retracement are found.
Respecting these levels could give us a safe ground to take positions with a view to mid-2021 where if this channel is respected, the selective prices could be around the psychological barrier of $ 50.
In the event that these minimums were not respected, as happened in March and if the current situation (perhaps a second quarantine, falling demand and strengthening of the dollar) forces more falls, we would have the support of $ 4.7. Since it seems that the currency moves in a wide price range marked by the green horizontal lines, where it could find said support of $ 4.7. If these minimums are drilled, we would have a technical complication in the price with a view to the long term.
I see this second option more complicated since as it is appreciated, the RSI marks oversold levels and as happened in previous periods, the cryptocurrency tends to respond with strong upward impulses at those times. The same situation of the decline in volume could also be indicative of further increases.
The analysis is just an opinion that if the good fundamentals of the currency persist, it can maintain the upward trend in the background.
Greetings,
Adolfo
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