Chainlink: How LINK traders can use this to remain profitable

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

Chainlink’s [LINK] previous descending triangle setup rekindled the selling edge as the alt fell below its 4-hour EMA ribbons. As a result, the altcoin plunged to test the $6.1-zone before marking admirable growth over the past week.

As the bulls encouraged LINK’s position above the EMA ribbons, the outlook for the alt took a bullish flip. While recent movements propelled a bullish structure, LINK might aim to continue its buying spree with the EMA ribbons providing immediate support.

At press time, LINK was trading at $7.711.

Source: TradingView, LINK/USDT

LINK’s reversal from the $7.4-mark resulted in a descending triangle structure over this timeframe. The sellers inflicted a series of lower highs alongside flatter lows in the $61.7 region.

The resultant breakdown pulled LINK by over 10% within a day. Consequently, it took a dive towards its multi-weekly low on 26 July.

The last four days observed a strong buying comeback while the alt jumped above the 200 EMA (green) to depict a rather long-term edge. To top it up, the morning star candlestick pattern aided the bulls in reinforcing their vigor. The compelling rebound from the $6.3-level entailed a 30% ROI that pushed the alt to its month-long high on 30 July.

Meanwhile, the altcoin noted a bullish pennant structure, one that resonated with the buying advantage. A close above this pattern could aid the buyers in testing the $8.1-$8.5 range in the coming sessions. Any bullish invalidations could continue finding support near the EMA ribbons in the $7.3 zone.

Source: TradingView, LINK/USDT

The Relative Strength Index (RSI) maintained a position