Chainlink (LINK) is beginning to regain the key levels it needs to recover from a difficult 2021, according to analyst Benjamin Cowen.
Cowen to say Traders should look to see if LINK is above or below the “bull market support band,” a technical indicator that combines the 20-week simple moving average and the 21-week exponential moving average.
Source: Benjamin Cowen
Chainlink’s bull market support band ranged between $ 25 and $ 26.4 on Tuesday, according to the analyst. LINK broke that level on Wednesday and is now down to $ 24.7 at press time, up 3% over the past 24 hours.
LINK is a cryptocurrency designed to incentivize the use of Chainlink’s Oracle network, which connects smart contracts and allows any blockchain to access real-world data.
Cowen notes that the LINK / ETH pair has seen a sharp decline since August 2020. The analyst predicts that the pair could “break out of this brutal downtrend” as long as it breaks the bull market’s support band.
“The most important thing is that it can break the bull market’s support band? Will it be able to break and stop flowing roofs? I mean at least go sideways. Just stopping the decline shows that its opportunity costs are not too high. “
Source: Benjamin Cowen
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