LINK has already breached its previous ATH levels of 23.76 and at the time of writing, it is trading at 24.50. It has appreciated by more than 110% in the last 20 days alone. In the last 24 hrs, LINK is ~12% up and the current rally can be associated with the announcement of Grayscale forming the Chainlink Trust.
See also: “How to use technical Indicators to Trade in Crypto Markets”
On the higher side, the immediate hurdle is placed at 25 and if it manages to breach this resistance on a closing basis, further buying momentum is most likely to continue till the first target of 28 followed by the second target of 32 as per the Fibonacci levels.
On the downside, the nearest support is present at 22 and a lot of choppiness can be witnessed around this level. The next major support is at 20 followed by 17 and as long as LINK stays above this level on the closing basis, the market structure should remain intact and further upside momentum is most likely to continue to make new highs.
RSI is not showing any kind of divergence with the price yet and MACD is also signalling that bullish strength is still intact, both these indicators are depicting a positive picture but as LINK has already performed exceptionally well in January, mild corrections can be witnessed on its way up. Decisive closing above 25 will act as a confirmation to go LONG with overall stop loss below 20.
To receive a daily technical analysis of leading crypto assets, find us on TradingView
Meta description:
A new filing “Grayscale Chainlink Trust (LINK)” for a Delaware-based corporate entity has raised suspicion on LINK and Grayscale partnership.
