- LINK token price is rising higher after recovering with a V-shaped price action pattern.
- The token price is trading above all the crucial EMAs in the daily chart.
- The token pair of LINK/BTC trades at 0.0005621 BTC with an intraday fall of +0.45%.
The LINK Token’s price is moving above the 200-day EMA, as it struggles to sustain above the substantial bearish influence of the daily EMAs. The coin price is trailing close to the $25 horizontal level as the bulls try to drive the price above it.
Intermingled EMAs signify confusion among investors, but the price action supports bullish sentiments. Moreover, the EMAs are still rising below the 200-day EMA, bringing points for bullish crossover theory.
Presently, the market price of the LINK token is $25.22. There has been an intraday fall in the market capital by -2.83%. However, with the loss in the number of sellers, the intraday trading volume has declined by -1.26%.
Rising Channel Spotted In LINK Token
The LINK token prices are growing within a parallel channel by creating higher highs under the influence of a strong support trendline. However, the recent decrease in trading volume has helped the bulls survive another bear attack.
The pivot point standard implies that the token price could support the $20 mark and the $16 mark. However, if bulls overtake the trend, the opposition could push the price down at the $30 mark.
The 4-hour technical chart reveals that the coin price trades above all the critical EMAs. All the significant EMAs are also rising higher with a bullish slope.
The RSI indicator is bullish and indicates a gradual increase in the slope of RSI. In addition, the RSI slope may soon enter the overbought territory.
The ADX indicator indicates growth in trend momentum.
Conclusion: LINK Token is currently in a bullish uptrend. The token price may soon hit the $30 mark as it grows in a rising channel.
Support: $20 and $16