thenewscrypto.com
- Chainlink trades within the $25 range.
- LINK’s daily trading volume is down by 11%.
The crypto market cap is settled at 3.27 trillion, with the market sentiment at a neutral state as the fear and greed index value is found at 48. The largest asset, Bitcoin (BTC), trades within the $106.3K range. Major altcoins are charted in red; meanwhile, Chainlink (LINK) has spiked by over 0.95% in the past 24 hours.
In the early hours, LINK traded at a low of $12.94; later, it climbed to a high of
$13.72. Upon breaking crucial resistance ranges, LINK might climb to recent highs. At the time of writing, Chainlink trades within the $13.37 range, with its market cap reaching $9.07 billion. Furthermore, the daily trading volume has increased by over 11.81%, reaching $519 million, according to CMC data.
Notably, LINK has lost over 14.85% in the last thirty days, and the price has fallen from a high of $15 to a low range at around the $11 level.
Will Chainlink Continue Gaining?
The four-hour price chart of Chainlink reports the upside trajectory, with the potential for the current price to push the asset to move up. The asset might likely bring in a retest at the $13.40 resistance range. Further upside correction could invite the golden cross to take place and support the price to climb toward $14.
Contrarily, assuming the current price fails to sustain the pace, Chainlink could slip down to test its immediate support below the $13.29 level. An extended correction on the downside might trigger the emergence of the death cross. It likely pulls back the price to its former lows at around $13.20.
In addition, LINK’s technical indicator analysis has revealed the active bullish momentum with the Moving Average Convergence Divergence (MACD) line positioned over the signal line. This suggests the recent price gains that accelerate further upside. Besides, the Chaikin Money Flow (CMF) indicator at 0.07 indicates a positive money flow into the asset, with moderate buying pressure in the market.
LINK’s daily relative strength index (RSI) is found at 64.16, implying that the asset is facing strong bullish momentum and might approach an overbought condition. The asset’s Bull Bear Power (BBP) value of 0.77 signals bullish sentiment in the market. Also, hints at upward pressure on the asset’s price.