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Chainlink [LINK]: Will $7.2 support hold steady? Analyzing...
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.There was positive sentiment and demand, which could boost short-term bulls.looks hopeful despite prevailing challenges. It has cleared most of the gains made at the start of the year. So far, it has plunged by 14%, dropping from $8.4 to a key $7.2 support. If the $7.2 support proves steady, bulls could be hopeful of a successful recovery.
Near-term bulls could target the 38.20% Fib level if the RSI breaks above the equilibrium mark of 50. The recovery seen at press time could be accelerated ifFailure to close above the 26-period EMA could tip bears to regain entry into the market. Short-term sellers could look to book profits at the 23.60% Fib level or $7.2 support. The descending line or the 0% Fib level could check a drop below the support.
The RSI value was 50, showing a neutral market structure. On the other hand, the Chaikin Money Flow has been hovering slightly above the zero line since 24 February, indicating that bulls made a series of unsustainable recovery attempts.
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