Chainlink Completes Falling Wedge on Weekly Timeframe While P2E Battle Token Crosses $150k in Presale

Chainlink (LINK) has completed a bullish falling wedge pattern on the weekly timeframe, gaining nearly 14% over the past week and trading at $7.418 with a volume of $2.70 million

Additionally, Meme Kombat's Battle Token has crossed $150k in presale. The crypto community is closely watching for potential market shifts and opportunities.

Chainlink (LINK) Price Prediction

Shifting our focus to the daily chart, several key price levels stand out. The pivot point for LINK is firmly set at $7.418

Key Price Levels: On the upside, resistance levels are marked at $9.066, $9.957, and $12.494. On the downside, support can be found at $6.549, followed by stronger supports at $4.901 and $2.385.

Indicators Signal Potential Price Correction: Regarding technical indicators, the RSI (Relative Strength Index) presents an interesting picture. Its current value is at 72, indicating that Chainlink is in the overbought territory. Such a high RSI typically signals a potential price correction in the near future.

Chainlink (LINK) Price Chart - Source: TradingviewThe MACD (Moving Average Convergence Divergence), another crucial indicator, has a value of 0.146 with a signal line at 0.455. This formation suggests that there might be potential downward momentum on the horizon.

However, on a brighter note, Chainlink's price is trading above its 50-day Exponential Moving Average (50 EMA) of $6.849, hinting at a prevailing short-term bullish trend.

Examining the chart patterns, Chainlink is currently grappling with a downward trendline resistance at $8.253. A successful bullish breakout above this level could pave the way for an encouraging upward journey, targeting the next resistance levels

Conversely, any failure to sustain above this price point might trigger selling pressures, potentially pulling LINK's price downwards.

Summing Up

To conclude, the immediate future of Chainlink seems to be hanging in the balance at the $8.253 level. A sustained push above this level could open the doors to a bullish phase, while any pullback below this mark could indicate bearish sentiments.

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The staking APY for the token is currently at an impressive 112%. The project's financial framework is centred around the Meme Kombat Token ($MK), as emphasized in the whitepaper

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Multiple features are set to be launched by the platform from October to November 2023

One of the key features is the debut of Meme Kombat Season 1, aimed at keeping players interested. Players can look forward to the release of Meme Kombat 2 by the end of 2023, which will come with improved gameplay features.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.