Chainlink (LINK) has completed a bullish falling wedge pattern on the weekly timeframe, gaining nearly 14% over the past week and trading at $7.418 with a volume of $2.70 million.
Additionally, Meme Kombat's Battle Token has crossed $150k in presale. The crypto community is closely watching for potential market shifts and opportunities.
Shifting our focus to the daily chart, several key price levels stand out. The pivot point for LINK is firmly set at $7.418.
Key Price Levels: On the upside, resistance levels are marked at $9.066, $9.957, and $12.494. On the downside, support can be found at $6.549, followed by stronger supports at $4.901 and $2.385.
Indicators Signal Potential Price Correction: Regarding technical indicators, the RSI (Relative Strength Index) presents an interesting picture. Its current value is at 72, indicating that Chainlink is in the overbought territory. Such a high RSI typically signals a potential price correction in the near future.
The MACD (Moving Average Convergence Divergence), another crucial indicator, has a value of 0.146 with a signal line at 0.455. This formation suggests that there might be potential downward momentum on the horizon.
However, on a brighter note, Chainlink's price is trading above its 50-day Exponential Moving Average (50 EMA) of $6.849, hinting at a prevailing short-term bullish trend.
Examining the chart patterns, Chainlink is currently grappling with a downward trendline resistance at $8.253. A successful bullish breakout above this level could pave the way for an encouraging upward journey, targeting the next resistance levels.
Conversely, any failure to sustain above this price point might trigger selling pressures, potentially pulling LINK's price downwards.
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