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In order for LINK to continue its current rise, it must find support at $ 7.4. If it fails to sustain the momentum, it is possible that LINK could retreat to $6.0, a key support zone that marks the convergence point of the three exponential averages. Meanwhile, LINK's trading volume in the last 24 hours reached 171.50 million dollars. This shows that there is continued interest and buying pressure in the crypto community. However, the altcoin is still struggling with an 8.10% decline in the last six months. Therefore, its current valuation requires investors to be careful.
As a result, technical indicators remain central to LINK's forward trajectory. The upcoming 'golden cross' formation, that is, the 50-day moving average breaking above the 200-day moving average, is considered a potential bullish catalyst. This move is consistent with LINK breaking out of the descending triangle formation. Therefore, if confirmed by consistent buying volume, it could be crucial for a sustainable upward move. Recent developments and solid on-chain data present a promising outlook for LINK.
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