- Altcoin LINK forms rising wedge on 1-hour chart.
- This is leading to a temporary rise in bearish sentiments.
- The long-term for LINK price remains highly bullish.
Expectations remain bullish in what seems to be the end of the bear market that began late last year. In fact, expectations seem to be especially high for a number of promising altcoin assets. While many altcoin assets are showing bullish long-term signals, some are still finishing up the last of their bear bottom moves. Presently, altcoin LINK forms rising wedge on 1-hour chart, leading to temporary bearish sentiments to rise.
Altcoin LINK Forms Rising Wedge on 1-Hourt Chart
Just yesterday, analysts, investors, and traders in the crypto space were thrilled to see Chainlink’s native altcoin asset, LINK, flash its most brutal bull pattern of the year. The last time the asset saw a similar pattern on its price chart, the altcoin pulled a 200% price surge. Could the asset pull off a 200% price pump once again, or will the asset see one final leg down as the crypto market sets its final bear market bottom?
Over the last few weeks the price of LINK went from $6 to $8 until it steadily broke past this to almost reclaim the $10 price range, igniting bullish sentiments for the asset to reclaim much higher prices and possibly surge to the $20 price mark before heading to much higher ATH prices. Instead, the price of LINK is seeing bearish activity again even as it trades in green at $9.43 at the moment.
This leads some experts to believe that the price of LINK may see one final dip down possibly to the $4 price range before it can surge back up and enter a bull state. Some believers expect LINK price to go as high as $1,000 this bull cycle. However, the dip expected now is explained in the post above, where the analyst observes a rising wedge formation on the LINK pierce chart.
Temporary Bearish Sentiments Arise
As LINK is forming a rising wedge on the 1-hour chart, with price around $9.48. The structure shows higher lows and narrowing price action, but momentum is starting to compress. A breakdown below the lower wedge support around $9.4 – $9.45 could trigger a pullback toward the chart’s projected $9.15 target. A breakout above $9.60 would invalidate the immediate bearish setup.
One analyst states that it has been a slow year for LINK, but with the recent signs of strength, bullish plays may take over. As the trend line broke, with potential impulse in play, breaking above $10.87 high would be a strong indication that trend has changed, until then, red count remains as a caution. LINK is also overbought on the daily now as well, which always warrants caution, but if it pulls a proper trend change, then LINK may see more action before a more significant correction.
