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- 1 Chainlink price rebounded from the support and gained strength.
- 2 LINK price escaped 200-day EMA and sustained above $7.00.
Chainlink price escaped the 200-day EMA showing strength on the charts. Furthermore, the price action showed trend reversal indications and a rising parallel channel on the charts. The ongoing trend shows that buyers have started to accumulate the token and decisively sustained above the round mark of $7.00.
The price action shows that a V-shaped recovery was noted, and the price revived from the demand zone of $5.00. Moreover, the bulls are regaining momentum and surpassed the 200-day EMA, which indicates the positive outlook for the token. The token trajectory shows that $7.500 is the strong resistance to be retested, which, if surpassed, leads to a fresh rally.
Furthermore, the chart structure shows that the LINK token had a golden crossover, indicating that further buying happens in the following sessions. Moreover, the price approached $7.00, which suggests that LINK surpassed the neckline of neutrality and entered the buying region.
At the time of writing, the LINK token is trading at $7.04 with an intraday gain of 5.59%, showing bullishness on the charts. Moreover, the intraday trading volume increased by 13.84% showing demand for the token among investors was rising. Furthermore, the pair of LINK/BTC is at 0.000235 BTC, and the market cap is $3.79 Billion.
Daily Charts Shows Momentum Shifting Towards Bulls
On the daily charts, the LINK token is trading below $8.00, indicating that sellers have maintained a strong grip near it and buyers are attempting to catch the upside. Moreover, the price is sustaining above the 200-day EMA and trading above the key moving averages. LINK token is now making higher highs and regaining strength.
As per the Fib levels, the LINK token is regaining momentum and is near 50%, forming a doji candle on it, suggesting that buyers and sellers are fighting each other, showing their strong muscles.
Moreover, the token price surpassed the upper bollinger band, suggesting buyers are gaining traction and favor the breakout in the following sessions.
Short Term Charts Shows Fresh Buying in LINK
On the 4-hour charts, the LINK token is gaining strength and trading near the round mark of $7.500, the immediate resistance mark.
The RSI curve is above neutrality, forming a positive divergence indicating a positive outlook on the charts.
The MACD indicator shows a bullish crossover and green bars on the histogram. The curve above the signal line indicates buyers’ presence on the charts.
Conclusion
Chainlink token shows buyers traction and is now approaching the round mark of $7.50. Moreover, the charts favor bulls and are looking to register a breakout in the following sessions.
Technical Levels:
Support Levels: $7.00
Resistance Levels:$7.80 and $8.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
