ChainLink (LINK/USD) has fallen by over 30%, from the high that it hit earlier this month. Many investors were expecting a rally at the start of the month however like many other coins Link was not able to sustain in price when Bitcoin (BTC/USD) dipped by over 20% from the new all-time high. Link is now down to a crucial support level and is showing signs of a reversal as it was over 2% higher on Monday. Investors are now looking to buy the dip in hopes of a rally soon. Is Link ready for a rally?
What the charts are pointing towards-
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Link broke down from a supporting trendline earlier this month, moreover, it has fallen by over 30% from the high it hit earlier this month. It is looking like the correction is over and that Link is ready for an up move now.
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A strong demand zone can be seen at $23.5, Link has already bounced from the zone which is suggesting that the correction is over in Link.
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A golden crossover was also seen earlier this month, this is suggesting that a bullish rally could be seen soon.
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The RSI is showing a slight bullish divergence, this is an indication that a rally could be seen soon.
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Investors who want to make a safe entry can wait for Link to break the 200-day moving average.
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A target of $27 can be set, followed by $30.
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A stop-loss should be maintained at $23 as Link could still break down from the demand zone.
