Could LINK bear it at $40 Impending Breakout

Since rebounding over the $19 support zone on May 23, ChainLink (LINK) has increased. However, any major levels of resistance still have to be recovered. It trades within a brief run down parallel channel which is likely to break out.
Since 10 May, when it achieved a high $53 all-time price, LINK has been falling. On May 23rd it dropped to a low of $15, then rapidly rebounded. The dip was a support of the $19 area. There is a $33.9 resistance that was affected throughout the bounce week, which has a lengthy upper cock (red icon). This is the resistance level of 0.5 Fib.


Despite the surge, there are strong technical signs. The RSI is less than 50. MACD has gone into negative territory. In addition, a bearish cross was formed by the Stochastic oscilator. The daily diagram offers a somewhat bullish perspective. The level of LINK is lower, with a bullish divergence produced by both MACD and RSI. The oscillator is near to make a bullish cross as well.

The horizontal resistance of $35 reinforces the fib resistance of the preceding segment. The brief two-hour chart reveals that from 26 May there is a falling parallel channel. The abovementioned lower levels were built by the LINK on its support line on June 12.

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