LINK has been in this consolidation zone between $1.97-$2.84 since July 14th. We are actually in a downtrend channel
within this zone though. This may not be a totally terrible thing though. If you look closely at the RSI
chart at the bottom, you can see we are in an UPTREND
channel! This is what we like to call a bullish
divergence! Granted we have broken out of this channel a time or two but that sometimes happens when volatile moves are made. In general we have been in an uptrend in RSI
and a downtrend in Price since July 14th. I think this a VERY bullish
sign and it confirms that this is a healthy consolidation
Finally, there is a falling wedge
forming that has its own bullish divergence
. I expect price to move up from here. I initially thought price would revisit the high $1.80-$1.90 range, but I'm not so sure anymore.
If you follow my ideas you can probably tell I am a LINK permabull. I think this is one of the best projects in the crypto space and I fully believe it will be a top 10 coin. Even if this coin falls to the range stated above, I will still continue to accumulate.
*This is not financial advice. I am not responsible for any losses of money.*