Chainlink [LINK] hit $7.6 supply zone, will bears take control

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion LINK was bullish on the 4-hour chart. But price action hit a confluence of supply zone and ascending trendline. Chainlink [LINK] made an impressive recovery in the past few days. It surged from $6.895 […]

LINK has seen two price rejections at the supply zone of $7.6 in the past few days. At press time, the price action hit the same supply zone but closed below the ascending trendline, which attracted bears. However, bears must be cautious of the $7.27 support should bulls fail to exit their positions, especially if BTC rebounds to $29K.

If bulls close above the ascending trendline and the supply zone of $7.6, LINK could appreciate to $7.876. However, bulls must defend the $7.27 support to block bears from denting the bullish sentiment. A close below $7.27 could energize near-term bears to sink LINK to 200 EMA or 50 EMA . A retest of $6.895 could be likely if bears clear the hurdles at 200 and 50 EMAs.

But the price action was above 200 and 50 EMAs, showing a bullish LINK. Similarly, the RSI’s value at press time was 59, showing bulls still had leverage in the market. Moreover, the accumulation/distribution indicator retreated but was almost pivoting to the upside at the time of writing. It shows bulls weren’t exiting the market – evidence of bullish sentiment.Despite the bullish price 4-hour chart at press time, the long/short ratio showed investors were bearish on the asset in the short/medium term. The pessimistic outlook could tip bears to breach the $7.27 support.On the other hand, the funding rate history has been predominantly positive since 27 March.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CryptoAmb /  🏆 22. in CA

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AAVE falls beneath $70 as steady selling pressure exhausts bullsDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The drop below short-term range lows reinforced the bearish pressure. The $65 region could provide a relief bounce. Aave’s [AAVE] TVL reached a YTD high on 24 March, while the NFT volume surged in […]
Read more »

Dogecoin [DOGE]: Short-term investors could gain, but only if…Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The lower timeframe structure of DOGE was bearish on the charts. The support zone at $0.071 could see a minor bullish reaction. The higher timeframe price charts of Dogecoin [DOGE] showed strong bearish pressure […]
Read more »

Stellar Lumens [XLM] surges past two-month resistance, breaches $0.1Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. XLM’s breakout occurred on considerable trading volume. Bulls who missed the move must exercise patience. Stellar Lumens [XLM] traded within a range from mid-January but broke emphatically out of it in the past 24 […]
Read more »

STX rebounds after retesting $0.91 support, traders should watch out for…Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. STX’s market structure remained strongly bullish on higher timeframes. More gains looked likely, but traders can watch out for two resistance levels overhead. Stacks [STX] has been in a downtrend on the daily timeframe […]
Read more »

Fantom [FTM] surges to $0.46, but here’s why the rally could haltDisclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The trendline resistance could halt or even reverse recent gains. The $0.4 area has served as significant support throughout March. Fantom [FTM] rallied strongly from a zone of support the bulls established around the […]
Read more »