Since May 22 last year to present date LINK has been trading in a range of consolidation (red zone) which ranges between the price zone of around $5.4 to $9.4
During this phase of consolidation LINK has managed to breakout of its trendline resistance that it attempted to breakout of three times in the past and was rejected from, first attempt being in Nov 21.
If LINK can remain above the trendline resistance that could now possibly act as a support zone for LINK than there stands a good possibility that price will make a move to the top of the consolidation range, a breakout from this range would have me looking at the Jan and April high of 22 for possible targets ( blue & green line)
There still stands a risk of LINK making a move back below the downward trendline that would temporarily invalidate the above idea and could possibly result in LINK making it back down to the bottom of the consolidation range (red zone) which has held as support multiple time in the past and potentially lead to a breakage as I find the more times a support zone is tested by price the more likely it is to breakthrough it and the weaker that support zone becomes, and the same for resistance.
All the best
During this phase of consolidation LINK has managed to breakout of its trendline resistance that it attempted to breakout of three times in the past and was rejected from, first attempt being in Nov 21.
If LINK can remain above the trendline resistance that could now possibly act as a support zone for LINK than there stands a good possibility that price will make a move to the top of the consolidation range, a breakout from this range would have me looking at the Jan and April high of 22 for possible targets ( blue & green line)
There still stands a risk of LINK making a move back below the downward trendline that would temporarily invalidate the above idea and could possibly result in LINK making it back down to the bottom of the consolidation range (red zone) which has held as support multiple time in the past and potentially lead to a breakage as I find the more times a support zone is tested by price the more likely it is to breakthrough it and the weaker that support zone becomes, and the same for resistance.
All the best
