LINK/USDC - (Target reached - new analysis coming soon) LINK recovery in progress towards the upper part of the range before upside breakout

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 do expect a bullish momentum to test the upper part of the range before following the capacity of the token to exit from the pattern.

At the current level as long as 10,70 remains a tactical support valid a larger rise towards 14,40 is expected. On the short term 13,30 is acting as resistance and 17,90 is the first long-term target to watch to confirm the bullish exit.

Technical Key Elements:

• Range upper limit is at 14,40 
• RSI indicator is above 50% and keeps potential
• The Moving average are mixed (tested)
• Fibonacci key support is adjusted at 10,70 while the Elliot wave shows upside potential towards 17,90

Trade Idea conclusion: Buy 

• Tactical Target Max 9,50
• Tactical Target 14,40
• Tactical key support (Pivot) 10,70 (Daily close)

Chart: Daily Basis (Candle Stick) - Logarithmic 

Indicators: Exponential Moving Average (21/34/89) - RSI (21)

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