Chainlink'southward (LINK) 27.48% gain over the past four days shows that the altcoin continues to function equally an outlier when compared against the recent performance of other cryptocurrencies. This strong recovery from the swing low at $3.thirty to $iv.79 has LINK now budgeted its previous all-time loftier at $four.86.

Crypto marketplace i-week price chart. Source: Coin360

Different Bitcoin (BTC), LINK trading book has shown that traders are excitedly buying each dip and the candlesticks of the by three days conspicuously show that a strong reversal has occurred.

In the daily timeframe, the moving average convergence divergence (MACD) shows a bull cross between the MACD and signal line and the histogram has recently popped above 0, a rather compelling movement considering that the altcoin has already gained 26.57% since March 2.

The relative strength index (RSI) likewise continues to extend deeper into bullish territory, currently registering 66.

LINK USDT daily chart. Source: TradingView

As seen on Feb. 16 and Feb. 19, LINK struggled to push to a higher place $4.86 simply the longer wicks on these previous ii occasions bear witness that traders took profits equally the digital asset became overbought whereas in the current situation shows a candlestick with a shorter shadow, strong volume, and the MACD and RSI are strongly bullish just nowhere well-nigh overbought.

Meaning this time effectually, LINK may overtake its previous high at $4.86 and enter into the realm of price discovery.

LINK USDT half-dozen-60 minutes nautical chart. Source: TradingView

On the shorter time frame, we tin can see LINK rallied after crossing above the neckline of an changed head and shoulders pattern on March three and the current prepare upwards and trading volume suggest that the current rally nonetheless has strong legs.

If for some reason the marketplace turned sour and LINK price pulled back, there is plenty of underlying back up at $4.42, $4.31 and $4.11. Below $4.11, the price previously bounced at the l% Fibonacci Retracement level ($three.27) 4 times, most recently on Feb. 26.

LINK/BTC shows force

LINK is also showing pregnant strength in its BTC pair and is currently upward 22.lx% since the get-go of March and 48.9% since the marketwide correction that occurred concluding week (February. 26).

The MACD has already pulled higher up the signal line and the histogram shows increasing momentum as traders buy into each dip that occurs. Like to the USD (Tether) pairing, the RSI is also situated in bullish territory, currently reading 72.

LINK BTC daily chart. Source: TradingView

We tin can see that only tracking the 12 and 26 point moving averages (MA) provides sufficient signal for the LINK/BTC pair and currently the digital asset trades higher up both moving averages.

At the time of writing LINK/BTC is pushing into a new all-time high and traders considering booking profits should keep an eye on purchasing volume on the shorter timeframe, forth with the 12-EMA as the price has ridden along this MA on each previous rally.

LINK BTC half-dozen-hour nautical chart. Source: TradingView

In the upshot that the price pulls back, traders can first watch the 12-MA, and the 23.six% Fibonacci Retracement level at 0.00047359 and below this at 0.00046279 Satoshis to 0.00043965 Satoshis which also lines up with ii loftier volume nodes on the book profile visible range indicator (VPVR).

The lesser of this range (0.00043965 Satoshis) too lines up with a double bottom on March 2 which marked the start of the current bullish reversal.

The current ascending trendline on the 6-hr nautical chart likewise lines upward with the 12-MA then while LINK/BTC could perchance see some profit-taking over the short-term (the RSI is beginning to roll over at 75) the uptrend remains as long as the price agree above 0.00050030 Satoshis.

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