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ChainLink Follows a 10 Week High-to-High Cycle
#crypto trading tips#Technical analysis#Stochastic+2 more tags

ChainLink Follows a 10 Week High-to-High Cycle

ChainLink (LINK) is on track to post its second consecutive weekly gain, but the rally is entering a time window where we can expect a top to be formed. ChainLink seems to follow a 10-week high-to-high cycle; at least, that’s what the cryptocurrency has been doing since mid-2021.

LINK 10 Week Cycle

The cyclical nature of the financial markets makes it possible to anticipate when the next peak or bottom is most likely to happen.

However, we must understand that cycles are never exact, but they give a rough estimate of the seasonal tendencies of an asset.

In this regard, LINK’s 10-week high-to-high cycle is, in reality, a 9 -11 week range.

Counting from September 2021 peak, 9 weeks have passed until the next peak was established in November 2021. The next LINK peak developed 9 weeks from the previous peak. And the last peak developed in March 2022 after 11 weeks.

Counting from the March 2022 peak, we have entered the 10th week, so we’re just around that time window when we can expect a top to form. Usually, in bear markets, according to the Dow Theory, rallies can last anywhere from 3 weeks and up to 3 months.

So, next week can be the third week of gains and the 11th week counting from the previous peak.

Technical Levels

From a technical perspective, we’re still trading below the $10 considerable psychological number, but we’re bouncing off a $7.2 multi-year support level.

The Stochastic crossover signal could mark the top, which was the case with the previous peaks.

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