Summary:
- Bitcoin and crypto analyst @AltcoinSherpa believes Chainlink looks good on the high-time frame charts
- The one-day LINK/USDT chart shows that a golden cross is pending
- Chainlink turning the 200-day moving average as support could open the doors to a push towards $10
The popular altcoin Chainlink (LINK) could be headed for a bullish scenario based on its trajectory on the higher time frame charts. According to Bitcoin and crypto analyst @AltcoinSherpa, Chainlink ‘looks good’ on these high time frame charts and could be worth buying and letting ‘it ride for a few weeks.’
@AltcoinSherpa shared his analysis of Chainlink through the following tweet.
$LINK: I don't think there are many coins that look as good as #Chainlink on high time frame charts. It's been accumulating for months now and everything is tightening up. If you want a trade where you buy it and let it ride for a few weeks, this is 1. pic.twitter.com/wJdWhLXLMY
— Altcoin Sherpa (@AltcoinSherpa) October 30, 2022
Chainlink Capturing the 200-day Moving Average as Support Could Open the Doors to $10
Further checking the one-day LINK/USDT chart below courses of Tradingview, it can be observed that Chainlink is attempting to break away from a long period of consolidation that started in May after the crypto-wide crash ignited by the collapse of LUNA and UST.
Also, the chart shows that Chainlink is trading above the 50-day (white) and 100-day (yellow) moving averages. Furthermore, it is tempting to recapture the 200-day (green) moving average as support, which at the same time is acting as short-term resistance.
Furthermore, a bullish golden cross between the 50-day and the 200-day moving average looks set to happen in the next few days, adding more fuel to the bullish narrative for Chainlink moving forward.
Chainlink’s daily MFI, RSI and MACD are yet to show exhaustion which means that LINK/USDT could keep pushing higher in the following days, inching closer to the psychological $10 price area.
As with all altcoins, having an eye out on Bitcoin is recommended while going long on LINK/USDT. A drop by Bitcoin could nullify the above scenario sending Chainlink to lower levels.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.