Chainlink posted massive gains over the past six weeks. The token was trading at $6 in late August but has shot higher to reach $11.78
From a technical standpoint the recent LINK breakout past the $10 mark was clean. The On-Balance Volume pushed above a resistance level that hasted lasted all through 2023.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Chainlink
posted massive gains over the past six weeks. The token was trading at $6 in late August but shot higher to reach $11.78 a few hours before press time and could push higher.dated 22 October analyzing Chainlink’s lower timeframe price action highlighted that the $11-$12 region was a higher timeframe resistance zone. As things stand, the $12 mark hasn’t been breached yet.From a technical standpoint, the recent LINK breakout past the $10 mark was clean.
This represented overbought conditions but was not a guarantee of a large pullback. However, there was a bearish order block on the one-day chart from May 2022 that stretched from $11.3 to $12.3. Bears could force LINK to retrace from this region. A drop to the psychological $10 level would be a good buying opportunity as it would also be a retest of the former range high. Long-term buyers can wait for such a dip instead of chasing green candles.The Exchange Flow Balance metric saw large downward spikes in September, and the most recent one occurred on 13 October. The dormant circulation also soared higher on that day. Supply on exchanges also fell lower.
Therefore long-term holders could be booking some profit on the recent breakout, which meant LINK could see a correction in the coming days or weeks.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
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