Chainlink Flips Key Resistance; More Bullish Indicators Reveal LINK Is Ready to Outperform Bitcoin
Chainlink (LINK), the decentralized oracle network, exhibits compelling technical signals that could potentially propel it to outperform Bitcoin (BTC), according to the analysis of rcrypto analyst Owner of the LINKs (@DrewDog12380).
The analyst’s observations are centered on Chainlink’s price action against Bitcoin on the daily chart, where LINK/BTC appears to have achieved a significant milestone by flipping the 20-period simple moving average (SMA) resistance. This development holds particular significance as the 20 SMA is a widely-used technical indicator that traders closely monitor for potential trend reversals and the identification of support and resistance levels.
Furthermore, Chainlink has successfully reclaimed the January low of 2,858 satoshis, reinforcing the bullish sentiment. Notably, this Price action is accompanied by positive crossovers in both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators, which are commonly employed by traders to gauge trend strength and momentum.
The MACD, a trend-following momentum indicator, signals when an asset is overbought or oversold, while the RSI measures the strength of an asset’s recent price movements, helping to identify overbought or oversold conditions.
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Show more +Upon further analysis of the LINK/BTC chart, it becomes evident that the price has reached a local bottom at 0.00026 and successfully breached a key resistance level at 0.00028. Traders will now be closely monitoring for a successful retest of this breakout level, which could potentially pave the way for a continuation of the bullish trend.
Significantly, the current RSI reading of 41 suggests ample room for further upside momentum, should the bullish sentiment persist.
Expressing frustration with the prolonged bearish market conditions, Owner of the LINKs exclaimed, “Now let’s bust out of this channel from hell and outperform this fucking crypto market!!”
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