Popular crypto analyst Benjamin Cowen is outlining the best-case scenario for the decentralized oracle network Chainlink (LINK). The trader tells his 710,000 YouTube subscribers that LINK remains below its bull market support band, a technical indicator combining the 20-week simple moving average and the 21-week exponential moving average. Cowen also notes that LINK has been […]

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Sometimes a few millimeters can separate us from total failure. In such cases, the tension is maximum, because hope struggles with common sense. However, when fortune wins, we begin to notice prospects and positivity again. A similar situation may happen in the LINK market. In the weekly timeframe, it should be noted that sellers have tested the global trend line of buyers. This trend channel has worked well since April 2019. https://www.tradingview.com/x/4iwfOZm0/ If you look for the perfect point on the chart to buy in the medium term and with minimal risk – this is it. If buyers do not keep the $16 range, we will not expect a positive scenario in the LINK market. In this case, we expect LINK to continue to fall to $10. Though, given the good BTC price growth and the chance of a rebound in the whole cryptocurrency market – so far we delete the scenario of decline as the main one. Therefore, the LINK price increase to $36 is the main scenario in the medium term. Technical Analysis Of LINK On The Daily Timeframe If you look at the LINK situation on the daily timeframe, you can see how trading volumes began to increase in the range of $16. Although sellers managed to update the previous local low, it did not work. Buyers have shown interest in creating a false breakdown of an important range. The first target of the local growth wave is around $25. This mark shows the local trend line of sellers. If you look at the movement of LINK price from 7 to 11 January, you can see how high volumes of buyers failed to pass this range. Thus, while this mark is under the control of buyers – we can not speak confidently about global growth to the mark of $36. The LINKBTC Price Takes Off Rose-Coloured Glasses And Optimism https://www.tradingview.com/x/HuTuRSxv/ Starting in 2020, LINKBTC buyers cannot significantly bounce back from the 0.00042 range. Each time the rebound from this level weakens. If the new growth wave can not break the upper trend line of the triangle – then you should expect another global LINK fall wave by an average of 50-60%. In this case, buy LINKBTC should be from the mark 0.00017. Therefore, the movement of the LINK price in 2022 depends on the formation of the current local growth wave.

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