- Chainlink price is up 8.4% in the last 24 hours, trading at the $7.77 mark.
- Trading volume reached $709.5 million overnight, an increase of 124%.
- Buyers are aiming for a move through Chainlink price above the 200 day moving average in the intraday trading session.
Chainlink price has reversed the ongoing downtrend in the last three trading sessions. After a one-month downtrend, the bounce back link brings hopes of upward trades in the crypto, in fact, just three days later, at a 20-day high of $7.85 in the intraday trading session.
However, the price of LINK crypto has been fluctuating under a wide horizontal range over the past five months. This huge consolidation phase could act as a strong base for the upcoming directional trends, either up or down. Despite this fact, the positives exist in the Chainlink coin as the price action forms a high-low pattern on the daily time frame.
The Chainlink price sustains above the 20 and 50 day moving average in the context of daily price scale. As of now, the 200 day moving average stood as a wall amid the bullish way of LINK price. Above this bullish hurdle buyers may aim for the $9.5 level, already retested twice in the last few months.
At the time of writing, Chainlink price is trading at $7.6 mark against the USDT pair. Although buyers try to maintain positivity in token but bears are putting selling pressure. Thus market cap reached $3.7 Billion, higher by 8.4% in the last 24 hours. Amid the bullish trend, trading volume reached $709.5 Million overnight, increasing by 124%.
Buyers are aggressively accumulating Chainlink coins due to some following bullish indications. RSI indicator came back at 60 level, as well as, MACD indicator has started moving higher to the neutral zone over the daily time frame.
Chainlink token price saw little selling pressure near the 200 day exponential moving average. Meanwhile, RSI indicator reclaimed the 60 level after two months following a downtrend. Above 200 DMA buyers may aim for the $9.5 level.
Support level – $7.0 and $5.5
Resistance level – $8.0 and $10
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.