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After a nearly 64% retracement from its summer highs, LINK began forming a potential bottom. Late September saw the first higher high, with several stop runs forming a higher low before a higher high on October 12th.
These swing points formed a new bullish market structure. The 9 EMA and 18 EMAs have also crossed over, giving bulls more confluence to support their bias.
Since the price has spiked through weekly highs at $11.23 and $11.70, a retracement may be due before another potential leg upwards. The 62% retracement level and consolidation near $9.67 provide high-probability support for bullish entries before an attempt on the swing high near $11.82.
Bears viewing the most recent swing high as nothing more than a stop run could look for entry triggers in the current region. A first target could be the 62% retracement near $9.67, with extended targets reaching to sell stops under the last swing low near $8.35 and monthly low near $7.31.
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