Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- LINK’s recovery eased near $6.748.
- The recovery faced elevated short-term selling pressure.
Chainlink’s [LINK] downtrend eased near $6.3 on 12 May, allowing bulls to take the center stage. In the past four days, price action constricted tightly between Exponential Moving Averages (50-EMA/100EMA). It needs to be seen who will inflict a breakout – bulls or bears?
Read Chainlink [LINK] Price Prediction 2023-24
In the meantime, Bitcoin [BTC] faced difficulty holding above $27k at press time. LINK could be exposed to more short-term downside prospects in the next few hours/days if BTC fluctuations persist below $27k.
More consolidation or a likely breakout?
Sellers sunk LINK to $6.3 before bulls found steady ground and fronted a recovery. The rally got slightly boosted after climbing above the 20-EMA (blue line).
However, bulls haven’t been able to push beyond the 100-EMA, a key dynamic resistance level, since late April.
At press time, price action stalled just below the range high of $6.748. Interestingly, the range high also lines up with the sticky 100-EMA dynamic resistance level.
With BTC struggling to hold on to $27k, short-sellers could threaten to retest the range low of $6.3. But they’ll have to clear the 20-EMA obstacle to gain the upper hand.
Meanwhile, the RSI fluctuated above the median level in the past
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Author: Suzuki Shillsalot
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