In the past month, the LINK price has shown a positive trend. The past week started with a price uptrend. But, a price pullback occurred on January 31, 2021. Thereafter, the LINK price is steadily rising even though there are intermittent high peaks and troughs. DeFI Currencies ETHER price has significantly appreciated in the last couple of days. This significant push caused by ETHER positively impacted the DeFi sector. Thus, many DeFi cryptocurrencies including LINK are showing a bullish trend with some of them reaching a record high on February 3, 2021. On February 3, 2021, the closing price was $25.09. https://ift.tt/3cHEFsa Days -Ahead and Tomorrow Currently, LINK is trading at $23.78. It has fallen below the opening price of $25.08. The AO indicator has become negative for the last 4 hours. The AO indicator was showing strong ‘sell’ signals. But, just a few minutes back, it has gone above the zero line and turned positive. So, buying activity may slowly pick up causing the price to rise again. The OBV indicator is falling. This means selling volumes are higher than buying volumes. So, the price can fall further. But, the A/D indicator is painting a different picture. It is rising implying that accumulations have overtaken distributions. There is positive divergence and hence the price downtrend may not sustain. The MACD and signal lines had created a deep trough in the negative territory a couple of hours back. That means sell offs were more and the price eventually started falling. But, now both the lines are very close to the zero line and will soon change sign. A bullish crossover by MACD line over signal line has also occurred. So, the price downtrend may reverse. The ADX is rising again. The current price fall may thus reverse. In other words, the market is regaining its bullish momentum. The RSI indicator is at 34%. At the start of the day, it had treaded above 70% into the ‘overbought’ region. As the day progressed, the RSI steadily fell below the 30% mark into the ‘oversold’ region. But, now it has started rallying again. Thus, significant price corrections have occurred and the price is all set to rise again. Currently, LINK is trading below the Fibonacci pivot point of $24.62. It is trading close to the first Fibonacci support level of $23.27, but not gone below it. Since, most of the indicators have pointed towards a trend reversal, we can expect the LINK price to go above Fibonacci pivot point by the end of the day. The SMA and EMA lines are also above the price line. If the price breaks out of the first Fibonacci pivot resistance level of $25.97 then a bull-run is confirmed for tomorrow as well.
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