Chainlink: Traders can long within this ‘ideal’ support zone
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Chainlink’s price has moved along an upper sloping trendline since late July. While September was harsh for LINK, its price respected the boundaries of the trendline and continued to find support at higher levels.
At the end of its correctional phase, LINK can be expected to form a new low at this trendline and revitalize its bullish momentum. At the time of writing, LINK was trading at $27.6, down by 5.7% over the last 24 hours.
Source: LINK/USD, TradingView
Since touching monthly lows in July, Chainlink has come a long way. Its price, at the time of writing, was trading at a 120% premium when compared to the lows
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