- Chainlink jumped 7%, hovering around the $17 mark.
- LINK’s daily trading volume soared over 21%.
As the crypto market cap climbs 3.59% to $2.99 trillion, major assets see an uptick. Bitcoin (BTC) hovers around $91.4K, while Chainlink (LINK) jumps 7.91% in the past day.
LINK has broken through the crucial resistance zones at $16.63 and $17.06. The asset traded on the downside hitting its low at $15.59 and the emergence of bulls ignited the rally, climbed to a high of $17.34.
At the time of writing, Chainlink was trading at $17.16. During this period, the market saw $1.57 million worth of LINK liquidated, according to Coinglass. In the meantime, the asset’s daily trading volume has reached $1.01 billion.
Chainlink price has surged by over 10.94% in the last seven days. The week began trading at $15.49 and LINK’s price has been volatile. It hit its weekly high of $17.43 and dropped toward a low at the $13.21.
Will LINK’s Bull Run Hold Strong?
Presuming a prolonged uptrend, Chainlink may propel the price higher, setting up a potential retest at the $17.53 resistance level. With the stable price momentum, the altcoin could surge toward $18 or even higher.
On the downside, If LINK’s price fails to hold its current trajectory, it may drop to test the nearby support at the $17 mark. A decisive break below this level might send the altcoin tumbling to 16.67 or lower.
Chainlink’s Moving Average Convergence Divergence (MACD) line is stationed above the signal line. This bullish crossover indicates the asset is in an uptrend with the momentum strengthening.
Additionally, the Chaikin Money Flow (CMF) indicator found at 0.02 suggests slight buying pressure with weak accumulation. Concurrently, Chainlink’s daily trading volume has increased by over 42.47%.
Chainlink is approaching the overbought territory with the daily relative strength index (RSI) resting at 66.51. Besides, the Bull Bear Power value of 2.5819 signals that bulls are in control of the market with buying pressure outweighing selling pressure.
