{"id":184542,"date":"2021-09-16T16:30:16","date_gmt":"2021-09-16T11:00:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=184542"},"modified":"2021-09-16T17:08:31","modified_gmt":"2021-09-16T11:38:31","slug":"is-chainlink-really-ready-for-a-sustained-rally","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-chainlink-really-ready-for-a-sustained-rally\/","title":{"rendered":"Is Chainlink REALLY ready for a sustained rally"},"content":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice<\/em><\/p>\n

Chainlink seemed to be looking bullish once again on the charts after a parallel channel breakout. Moreover, a golden cross on the daily timeframe can be expected to play favorably for LINK and provide an external push over the long run.<\/p>\n

However, there are a few near-term hurdles too. Low trading volumes and market momentum continue to plague the market. These factors increase the chances of a throwback within the pattern before LINK advances to higher levels. At the time of writing, LINK was valued at $31.6, up by 4.5% over the last 24 hours.<\/p>\n

Chainlink Hourly Chart<\/strong><\/h4>\n
\"\"<\/a>
Source: LINK\/USD, TradingView<\/figcaption><\/figure>\n

Chainlink maneuvered within a parallel channel over the past week as the price revisited certain highs and lows. A successful breakout above the upper trendline allowed LINK to climb above the $31.5 mark for the first time since the 7 September flash crash. Next few targets lay at the $33 and $34 price levels, both of which would allow for a retest of 6 September’s swing high of $36.35.<\/p>\n

However, there were some signs that were not very encouraging. For instance, the 24-hour trading volumes have been relatively weak over the past couple of days. Whenever a breakout occurs on low volumes, chances of a throwback are significantly high.<\/p>\n

In such a case, LINK would shift back towards the defensive region of $29.5-$30 and reset before the next upcycle. On the other hand, a ‘fakeout’ would be confirmed if the price slips back within the pattern.<\/p>\n

Reasoning\u00a0<\/strong><\/h4>\n

As LINK saw higher levels immediately after the breakout, the RSI formed lower peaks. This bearish divergence did not play out as expected as the index held above the half-line. However, the index failed to assert itself above the overbought region once again.<\/p>\n

From here, an inference can be drawn that LINK’s breakout lacks the conviction to sustain itself at its current level.<\/p>\n

Similarly, while the Awesome Oscillator negated a bearish twin peak, some selling pressure had started to trickle into the market. Meanwhile, the MACD was in a state of equilibrium. The risk of a potential sell-off will be minimal as long as these indicators hold their positions above their mid-lines.<\/p>\n

Conclusion\u00a0<\/strong><\/h4>\n

Based on the aforementioned factors, LINK does not have the legs to continue its upwards journey just yet. A throwback to $29.5-$30 can be expected, levels from where buyers can tackle certain highs once again.<\/p>\n","protected":false},"excerpt":{"rendered":"

Disclaimer:\u00a0The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice Chainlink seemed to be looking bullish once again on the charts after a parallel channel breakout. Moreover, a golden cross on the daily timeframe can be expected to play favorably for LINK and provide anContinue reading “Is Chainlink REALLY ready for a sustained rally”<\/span><\/a><\/p>\n","protected":false},"author":37,"featured_media":184571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,18,66,3,4,20],"tags":[],"class_list":["post-184542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-hide-cryptopanic","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nIs Chainlink REALLY ready for a sustained rally - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Chainlink seemed to be looking bullish once again on the charts after a parallel channel breakout. 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