LINK/USDC - (BUY) LINK reached target at 14,40/15,80 ! Further rise in progress
Market & Ticker: CHAINLINK – LINK/USDC
Date: 27/08/2024
Horizon / Timing: Tactical Mid-term / 1 to 3 months
Scenario:
LINK has been evolving in descending range since MARCH 2023. This Range is forming a base for a long-term perspective. We expected a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern and reached 15,80. This first step is completed and we are now focus on the next targets
At the current level as long as 12,60 remains a tactical support valid a larger rise towards 17,90 is expected. On the short term 15,80 is acting as resistance and 20,90 is the first long-term target to watch.
Technical Key Elements:
- RSI indicator is above 50% and keeps potential with no divergence
- The Moving average are support
- Fibonacci key support is adjusted at 12,60 while the Elliot wave shows upside potential towards 17,90
Trade Idea conclusion: Buy
- Tactical Target Max 20,90
- Tactical Target 17,90
- Tactical key support (Pivot) 12,60 (Daily close)
Chart: Daily Basis (Candle Stick) - Logarithmic
Indicators: Exponential Moving Average (21/34/89) - RSI (21)
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