LINK Technical Analysis: Chainlink Gains Positive Value at $6.4

 Key technical points: LINK technical analysis is bullish. Chainlink recorded intraday highs of $6.5. LINK/USD has found support at $5.5. Past Performance of LINK LINK trades marginally below its 20 and 50-day simple moving averages but well above the 200-day SMA, which is a bullish signal. The minor corrections in LINK/USD were bought aggressively, as seen from the long wicks candlesticks. This shows that market participants are buying the dips. Chainlink is trading above the $5.5 support level. However, LINK bulls have not been able to push the price above the $6.60 resistance level. A breakout above this level is required for LINK to resume its uptrend. The 4-hour chart shows that LINK has formed a descending triangle pattern with resistance near $6.15. A breakout of this pattern could see Chainlink climbing towards the $7.00 resistance area in the short term. LINK Technical Analysis The RSI has been neutral for the past 15 days as Chainlink’s price volatility remained low. The index is trading around the mean level of 50.00 right now, but it is declining at a rate of 40.06 to indicate some selling pressure from the bearish side of the market. The current slope implies selling pressure from the bearish side of the market, while the present position suggests that volatile movement can occur either way. LINK has formed a descending triangle pattern in the daily chart, indicating that it’s entering a bear market. This is a neg...