- Chainlink is holding steady around $13.
- LINK’s trading volume has surged by 48%.
The crypto market’s modest 1.56% rebound has brought in a green wave across the digital tokens. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are attempting to escape the red, currently hovering at $93.8K and $3.2K, respectively. Among the altcoin pack, Chainlink (LINK) is up by over 2.71%.
In the morning hours, the asset traded at a bottom range of $13.41. Soon, the bullish pressure encountered the LINK market, and the price climbed to a high level of $14.11. At the time of writing, Chainlink traded at around $13.88, with its market cap settled at $9.87 billion.
Furthermore, the daily trading volume of the asset has increased by over 48.08%, likely reaching the $975.33 million mark. The Coinglass data has reported that the market has experienced an event of liquidation of $749.61K worth of LINK during the last 24 hours.
Chainlink at a Crossroads: More Upside Ahead?
Chainlink’s Moving Average Convergence Divergence (MACD) line is just one point above the signal line, which exhibits an early bullish crossover. The upward momentum is starting to build, but it is weak. Moreover, the Chaikin Money Flow (CMF) indicator positioned at 0.10 reflects mild buying pressure in the LINK market. Notably, the capital is flowing into the asset, but not aggressively, which shows an early accumulation.
The active market sentiment is bullish, as the daily Relative Strength Index (RSI) is at 69.67. Chainlink is approaching its overbought phase, with the price movement may soon face a pullback if it rises above 70. LINK’s Bull Bear Power (BBP) reading of 0.33 implies that bulls currently have a slight advantage. The buying pressure is present but not aggressively, and it has a moderate bullish bias rather than a strong breakout trend.
If Chainlink’s upside trading intensifies, the bulls could push the price up and bring in a test at the $14 resistance range. Upon the emergence of the golden cross, the asset might climb toward $14.12 or even higher. Assuming Chainlink reverses the momentum and steps into the bearish zone, the price might fall to its nearby support at $13.76. With a strong downside correction, the death cross could unfold, driving the price toward $13.54.
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Source: https://thenewscrypto.com/chainlink-link-tension-builds-near-resistance-will-15-open-the-floodgates/
