LINK Technical Analysis: Buyers ready To Surpass Opposing Trendline

LINK price action shows a high-momentum buying spree in action challenging the resistance trendline that may shortly result in a breakout rally to $10. Key technical points: The LINK market value increased by 7.92% today at press time. The price action shows a high likelihood of a trendline breakout entry spot. The 24-hour trading volume of Chainlink is $532 Million, indicating a hike of 50%. Past Performance of LINK When you look at the price graph, the long-running resistance trendline is quite obvious. It was created following the fall experienced in April and has served as constant resistance since then. In the wake of its impact, it has seen the value of Chainlink decreased between $17.85 to $6.45, which accounted for a loss of 65%. Source- Tradingview LINK Technical Analysis The bullish rebound in LINK prices following the consolidation range at $6.45 shows a high-momentum bull cycle challenging the long-coming resistance trendline. Additionally, the increased buying pressure is evident in the increase of 50% of intraday volume trading, suggesting a higher possibility of a trendline breakout in the bull market. As we come to the DMI or Vortex indicators, the crossover with a bullish bias signifies the shift in power to the buyers’ side. Likewise, the MACD indicator indicates a constant bullish trend that is evident in both slow and fast lines that indicate a buy-in moving. Hence, the technical indicators reflect a boom i...