LINK - 6h. The target of $50 becomes real again!

28 Nis 2021

The LINK market reacted quite confidently to the recent outburst of BTCUSDT during February 22-23. In fact, from April 14, the BTC market began a local downward trend. During this time, BTC sellers managed to update local minimums 3 times: April 17 and April 23. However, if on April 17 the LINKUSDT market felt strong turbulence, then on April 23 Chainlink buyers did not allow the price to renew the previous local low of $28.8:

In the chart, we can see that LINK looked much stronger in the last week of trading than BTC. Given the steady decline in the dominance and influence of BTC on the cryptocurrency market, this fact is understandable.

In our previous global idea, we had two main scenarios for the LINK price movement. Taking into account the behavior of buyers during the recent events in the crypto market, we can conclude that the white scenario (the scenario of the continuation of the LINK price growth to $50) is more likely:

The critical point of this scenario is in the range of $31.4-32.6. Having lost this range, buyers will also lose the local trend line. In this case, buyers will be forced to retreat to the range of $24-25.

At the moment, the price is trying to gain a foothold above the range of $34-35. It is the confident consolidation above this range that will give buyers confidence to continue the growth of the LINKUSD price and test $50. Given the high probability of another local fall wave in the BTC market, we are in no hurry to buy LINK now. Moreover, after a few days, the monthly candle closes. And at a time like this, there are always surprises.
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We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
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11 May 2021

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