LINK has been consolidating within a broad range between $10.94 and $18 over the past few months.
The LINK/USDT pair has approached the upper resistance of $18, which is likely to attract strong selling from bears. If the price drops from $18 but finds support at the 20-day exponential moving average ($14.85), it indicates positive sentiment. This increases the likelihood of a breakout above the $18 level. If this occurs, the pair will complete a double bottom pattern, with a target of $25.06.
On the other hand, if the price sharply falls from $18 and breaks below the 20-day EMA, it indicates that the action within the range may continue for a few more days.
Bulls have halted the pullback at the 20-day EMA on the 4-hour chart, indicating that every small dip is being bought. The pair could drop from $18, but a bounce from the 20-day EMA suggests that buyers are maintaining control. This increases the chances of a breakout above the upper resistance.
This positive outlook will be invalidated in the short term if the price sharply falls and drops below the 50-simple moving average. The pair could then drop to $14.70 and subsequently to $14.