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Chainlink (LINK) bounced off the 20-day EMA ($23.72) on Jan. 23, indicating that the bulls are buying on dips.
LINK/USDT daily chart. Source: Cointelegraph/TradingView
The upsloping 20-day EMA and the relative strength index in the positive zone suggest that the path of least resistance is to the upside. Buyers will try to push the price above $27.21, opening the doors for a rally to $30.94.
This positive view will be invalidated in the near term if the price turns down sharply and breaks below the moving averages. That could sink the LINK/USDT pair to $22 and then to the solid support at $20.#Weekend Market Analysis #Gate.io Has Officially Partnered with Oracle Red Bull Racing