Hey friends, hope you are well, and welcome to the new update Chainlink token.
Different support and resistance levels:
On the daily chart, the priceline of Link token is breaking out the different resistance levels and after breaking out re-testing the previous resistance levels as support before the next rally. Now the price action of Chainlink has found the highest resistance at $25. There are also simple moving averages with the time period of 25, 50 and, 200 with different support levels.
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An up-channel and EMAs:
The price line of the Chainlink token is also moving in an up-channel and after getting rejected it is at the support of this channel. At the same time, it is also re-testing the exponential moving averages with the time period of 10 and 21 as support.
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Long-term up-channel:
On the long-term weekly chart, the priceline of Link has formed a bigger up-channel and it is likely to be rejected by the resistance of this channel at the moment. Therefore in long-term, we can expect a rally to the downside to re-test the support of this channel.
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Conclusion:
In the short-term, we can expect a move to the upside as the price action is at the support of an up-channel but in the long-term, a rally to the downside is more likely to be expected because the price action has been rejected by the resistance of a channel on the weekly chart.
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