ChainLink (LINK/USD) has fallen by over 30% against the high it reached earlier this month. Many investors expected a rally at the beginning of the month, but like many other coins, Link could not keep the price when Bitcoin (BTC/USD) dropped by over 20% from the new all-time high. Link has now dropped to a crucial support level and is showing signs of a reversal as it gained over 2% in value on Monday. Investors are now trying to buy the dip, hoping for a rally soon. Is Link ready for the rally?

What the charts indicate:

• Link broke away from an underperforming trendline earlier this month. In addition, it has fallen by over 30% against the high it reached earlier this month. It looks like the correction is over and the link is now ready for an upturn.

• A strong demand zone can be seen at $ 23.5. Link has already recovered from the zone, which indicates that the correction in Link is over.

• Earlier this month,a golden crossover was observed. Therefore, a bullish rally could soon be seen.

• The RSI shows a slight bullish divergence. This is also an indication that a rally will be observed soon.

• Investors who want to make a safe entry can wait for Link to break the 200-day moving average.

• A target of $ 27 can be set, followed by $ 30.

• A stop loss should be maintained at $23, as Link could still break out of the demand zone.

Is ChainLink finally ready for the long-awaited rally? appeared first on Coin Hero.