LINK is in A Critical Area

Hi friends! Looking at LINK, we can see that the daily log chart has formed a huge uptrend channel (in blue.) Currently, the 50 day moving average (in orange) is converging with the bottom of the uptrend channel. So, LINK is in a really important technical spot at the moment. If price continues lower, it will take out the bottom of the uptrend channel, as well as the 50 day, which would obviously be very negative. However, if LINK can manage to hold this area as support, it will be another hold (in a quick succession of holds) on the bottom of the channel. In other words, if the bottom of this channel continues to act as support, LINK could vacate the area to the upside. So, you can see that whichever way LINK decides to break, it will dictate the immediate future for the price. A hold of this area could open the door for a test of the all time high. A failure, on the other hand, could send LINK down to test support around the 7.40 level.

I'm The Master of The Charts, The Professor, The Legend, The King, and I go by the name of Magic! Au revoir.

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-JD-

MagicPoopCannon

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