ChainLink found the bottom at $0.16, but while approaching that level, RSI has formed a bullish divergence suggesting change in trend. Price then moved up and broke above the descending channel, downtrend trendline and the 50 Moving Average
This looks like a strong indication that the uptrend has started, especially after LINK/USD broke above 61.8% Fibonacci retracement at $0.21, then found the support at that level and produced new higher high.
Considering recent price action, uptrend should continue and LINK might reach the $0.4 resistance, confirmed by 78.6% Fibs and 527.2% Fibonacci channel trendline. The only scenario where the bullish forecast will be invalidated is if ChainLink will break below the $0.16 low.
This looks like a strong indication that the uptrend has started, especially after LINK/USD broke above 61.8% Fibonacci retracement at $0.21, then found the support at that level and produced new higher high.
Considering recent price action, uptrend should continue and LINK might reach the $0.4 resistance, confirmed by 78.6% Fibs and 527.2% Fibonacci channel trendline. The only scenario where the bullish forecast will be invalidated is if ChainLink will break below the $0.16 low.
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