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- 1 Chainlink’s price currently trades at $7.583 while witnessing a gain of 1.53% during the intraday trading session.
- 2 LINK price crashed more than 10% after reaching nearly $8.50.
- 3 The year-to-date return of Chainlink is 35.84%.
Chainlink (LINK) crypto price began to gain bullish momentum on September 12th from the support level of $5.80. The cryptocurrency price was stuck in a consolidation zone between $5.80 and $6.41 in the middle of August. The bullish momentum helped the price break the consolidation and rise above it.
LINK price surged roughly 41.70% from the support level of $5.80. The asset price reached a high of $8.267. Chainlink’s price faced strong rejection near $8.25 and has been printing bearish candles for the last two days.
The current candle is bullish and may retest the $8.25 resistance level if bullish momentum prevails. If bulls can push the price above $8.25, there is a clean move for the price to head toward the next resistance level of $9.
Conversely, if the price melted below $7, it may fall toward the $6.41 resistance turned support level for a retest of the previous zone.
Recent Developments in ChainLink
The recent bullishness in LINK’s price can be connected to Chainlink’s groundbreaking development on September 27, when the Oracle platform integrated its Cross-Chain Interoperability Protocol (CCIP) with Coinbase’s Base, an Ethereum Layer-2 network.
The collaboration opens up new horizons for cross-chain decentralized applications and services, allowing them to transfer tokens, exchange messages, and initiate across various blockchains.
CCIP protocol, since its launch in July, has already made successful strides by collaborating with Optimism, Ethereum, Avalanche, Polygon, and Arbitrum. On-chain data shows that the whales have purchased over 7.5 Million LINK tokens which refers to an investment of $53 Million.
Chainlink has also witnessed nearly 4,000 unique actively engaged addresses with the network, which shows growing interest and participation in the Chainlink ecosystem. The market capitalization of Chainlink has dropped 4.43% to $4,244,125,812 at the time of writing. The 24-hour trading volume has increased by 15.94%.
Will the LINK Price Continue Rising?
The cryptocurrency price has surged above 20, 50, 100, and 200-day exponential moving averages, suggesting bullish momentum. LINK price is bouncing off the 20-day EMA.
The Chaikin money flow score hovers above the 0 mark and currently stands at 0.17, indicating capital inflow and strength in the market. The relative strength index has escaped the overbought zone and has melted to 59.58, implying that bulls still participate actively in the market.
The long-short ratio is 1.15, with 53.69% longs and 46.31% shorts, signifying a higher position of buyers in the last 24 hours.
Conclusion
The market structure and price action of Chainlink are strongly bullish. The price will soon break the resistance level of $8.25 if bullish momentum prevails.
Technical Levels
Major support: $5.80 and $5.10
Major resistance: $8.25 and $9
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They 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.
