Chainlink price analysis: LINK moves past 20-day EMA to brighten bullish prospects

TL;DR Breakdown Chainlink edges above 20-day EMA for the first time in more than a weekPrice increased a single percent up to $31 but trading volume dips Breakdown from a consolidation rectangle pattern observed on the 4-hour chart Chainlink price analysis shows that the token has moved past the 20-day exponential moving average (EMA) to consolidate above $30, presenting a bullish return. It could be seen over the past couple of days that LINK was trading above the 0.5 FIB mark, raising questions if there was momentum within the current trend. Today, after an increase of almost 1 percent, the $30 resistance has been broken, indicating the bullish sentiment is intact. Moreover, price is also trading above the 20, 50, 100 and 200-day EMAs, in comparison to a dip in trading volume of over 24 percent. The larger cryptocurrency market showed reds on the intra-day market, apart from Ethereum’s ascend of over 3 percent to above $3,500. Bitcoin fell slightly, trading just under $47,500, whereas Altcoins showed worrying signs. Ripple and Dogecoin fell around 1 percent each, to sit at $1.10 and $0.238, respectively. Solana, Cardano and Polkadot also went down around 4 percent each. Chainlink price analysis: Cryptocurrency heat map. Source: Coin360 LINK/USD 24-hour chart: Ascending triangle pattern forms as price oscillates near resistance The 24-hour char for LINK/USD pair exhibits formation of an ascending triangular pattern, ...