- Chainlink rallied over 12%, with its price trading around $26.
- LINK’s daily trading volume has surged by over 238%.
With the crypto market cap losing over 2.54%, reaching $3.54 trillion, all major assets exhibit mixed price actions. The largest asset, Bitcoin (BTC), traded within the $102K range. Notably, among the altcoins, Chainlink (LINK) has recorded a 12.37% gain over the past 24 hours.
LINK chose to trade on the upside after hitting its daily low of $22.27. The asset opened day trading at $23.36 and climbed to a high of $26.56. At the time of writing, Chainlink was trading at $26.26.
Furthermore, as per Coinglass, the market observed a liquidation of $6.34 million worth of LINK during this period. Meanwhile, the asset’s daily trading volume has reached $2.95 billion.
Over the past seven days, the price of LINK has increased by over 37%. The asset began the week trading at $18.6, and the price was highly volatile and managed not to fall below but climbed to the current level.
Will LINK Keep Climbing?
The four-hour analysis of Chainlink exhibits the upside price pattern. A steady rally of the asset could push it higher, and it will likely retest the $29.86 resistance. If LINK holds the price stable, it might jump toward the $33 range.
On the downside, if LINK’s current price momentum reverses, the asset could immediately fall and test the support at the $24 zone. If LINK’s selling pressure increases, the altcoin price could plunge below $20 or even lower.
Moreover, LINK’s daily trading frame displays the short-term 9-day moving average above the long-term 21-day moving average. The asset’s daily relative strength index (RSI) at 59.64 indicates that it is in neutral territory, leaning slightly towards the bullish side.
The four-hour technical indicators report the bullish momentum in the market. The Moving Average Convergence Divergence (MACD) line has crossed over the signal line. This indicates potential upward price action with traders viewing this as a buy signal.
Besides, the Chaikin Money Flow (CMF) indicator of Chainlink is positioned at 0.08, suggesting a moderate positive accumulation of money, suggesting that buying pressure slightly outweighs selling pressure. Meanwhile, the daily trading volume of the asset has surged by 238%.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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