- Chainlink tests April highs after 11.72% daily gain
- Trading volume reaches $1.24 billion.
- Golden Cross signals bullish momentum
Chainlink (LINK) has demonstrated remarkable strength amid broader market volatility, posting a 70% gain in November while Bitcoin consolidates below $100,000. The 16th largest cryptocurrency by market cap has surged 11.72% in the last 24 hours, with substantial trading activity indicating strong market interest.
Golden cross emerges on Chainlink price chart
A significant Golden Cross formation has emerged on LINK’s price chart, with the 50-day EMA crossing above the 200-day EMA, traditionally a strong bullish indicator. The MACD shows persistent growth in the green histogram, with averages aligning to suggest continued upward momentum in the near term.
Current price action positions LINK at a critical juncture, testing April’s high with potential for further appreciation. The immediate resistance level sits at $20, with an extended target at $23 should bullish momentum persist. Support levels are established at $17, with a secondary floor at $14 providing additional downside protection.
Trading volume has surged to $1.24 billion, reflecting increased market participation and interest in the Ethereum-based oracle network. The substantial volume supports the validity of the current price movement and suggests potential for sustained momentum.
While the immediate price target focuses on the $20-23 range, market participants are closely monitoring Bitcoin’s performance for potential impact on altcoin momentum.
The technical setup remains strongly bullish, though traders maintain awareness of key support levels should market sentiment shift. LINK’s performance could serve as an indicator for broader altcoin market strength during Bitcoin’s consolidation phase.
