- Chainlink (LINK) is currently hovering around $24.
- LINK’s daily trading volume has surged by over 52%.
The recent gain in the market has shifted the trend briefly bullish, sweeping the crypto assets into the green zone. The tokens like Bitcoin (BTC), the largest cryptocurrency, trading at around $115K, and the largest altcoin, Ethereum (ETH), hover at the $4.5K range. Meanwhile, Chainlink (LINK) has posted a 3.5% gain.
In the early hours, the asset traded at a low of $23.50. With the bulls taking command of the LINK market, the price has moved up to a high of $24.81. Notably, it has broken a few crucial resistances between $23.55 and $24.76 to confirm the positive sentiment.
According to the CMC data, Chainlink is currently trading within the $24.68 mark, and the market cap is staying at $16.60 billion. In addition, the asset’s daily trading volume has increased by over 52.16%, reaching $1.18 billion. The market has observed a 24-hour liquidation of $1.07 million worth of Chainlink.
What is Next for Chainlink’s Price Action?
The recent price chart of Chainlink displays the bullish pressure, with the price climbing to test the immediate resistance at around $24.74. If the asset’s upside correction sustains, the bulls might push the price above the $24.80 resistance. Upon a reversal in the LINK market, the price momentum could begin falling to find support at the $24.62 range. Assuming the correction on the downside strengthens, the altcoin price might retrace to the former low at the $24.56 support zone.
Chainlink’s Moving Average Convergence Divergence (MACD) line is settled above the signal line, implying a bullish signal. Also, the upward momentum may gain strength, and it is a potential entry point for a long position. Besides, the Chaikin Money Flow (CMF) indicator found at 0.07 shows a slight buying pressure in the market. The capital is flowing into the asset, but it is not very strong; thus, the momentum is moderate.
Furthermore, the daily Relative Strength Index (RSI) value of LINK at 65.43 indicates that it may be approaching overbought territory. The market is giving caution as it could soon become overextended. Chainlink’s Bull Bear Power (BBP) reading of 1.02 suggests a slightly stronger bullish dominance. It hints at a modest upward trend rather than a strong rally, pushing the price up.
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