What direction will Chainlink move in a price squeeze?

Chainlink (LINK), ranked 7th among the top 10 cryptocurrencies ranked by capital value, tends to break the medium-term downtrend by making significant increases in October.

Chainlink rose to $ 11.8 after bottoming at $ 8.76 in early October. Then a restricted correction was seen to the $ 10.6 level. Having managed to hold on to this support price for about a week, LINKUSDT can retest the last peak price if it closes daily above the price of $ 10.8 according to the latest situation.

If the last peak price of $ 11.80 breaks, we can see a jump towards $ 12.7. Looking at the daily chart of LINKUSDT, it is seen that the short, medium and long term moving averages are close to the horizontal course.

Due to this price squeeze, a price break can be seen in LINK price. So, a daily candlestick close above 10.8 could trigger an upward movement.

In the lower region, the average level of 10.40 stands as an important support price in the daily outlook. A break in this support price could start a new bearish trend towards the $ 8.76 support.

The stochastic RSI oscillator, currently taking an unstable outlook, could also generate a new buy signal above the key price 10.80. As a result, LINKUSDT stuck in the narrow band of $ 10.40-80, we can see a rapid move towards the exit direction.

Posted Using LeoFinance ^Beta