Will Chainlink (LINK) Break Resistance And Reach New Highs?
- Chainlink trades at $29.62, marking a gain of 4.46%.
- The daily trading volume of LINK has dropped by over 41.9%.
With the crypto market cap spiking over 1.50%, reaching $3.65 trillion, all major assets show varied price actions. Bitcoin (BTC), the largest asset continued to trade within the $101K range. Notably, among the altcoins, Chainlink (LINK) has recorded a modest 4.46% gain over the past 24 hours.
LINKs price momentum has been particularly influenced by the recent purchase of LINK by President-elect Donald Trumps World Liberty Financial. Crypto analysts expect LINKs price will continue to rise, with the potential to reach $50 soon.
The asset opened the trading day at $28.66, despite struggling at $29, LINK has briefly signaled an upside rally for the day and climbed to a high of $30.52. At the time of writing, Chainlink trades at $29.62.
Furthermore, the market observed a liquidation of $2.61 million worth of LINK during this timespan, as per Coinglass. In the meantime, the assets daily trading volume has reached $1.93 billion.
Over the past seven days, the price of LINK has increased by over 18%. The week began trading at $25 and the price was highly volatile. The asset has managed not to fall below the $20 mark.
What Lies Ahead for LINK?
LINKs four-hour price graph unveils the upside price momentum. The bulls can push the assets current trading level up. A steady gain could propel the asset to hit new highs and bring in a retest at the nearby $33.87 resistance zone. If it holds the ground, it could mount above the $38 range.
Conversely, if the current price momentum of LINK couldnt prop up, the asset could slip to the downside, testing its immediate support at $27.64. A highly bearish plunge might lead the way to find the consequent support at the $22 range or even lower.
Its crucial to note the technical chart analysis of Chainlink, which discloses the ongoing bullishness with the Moving Average Convergence Divergence (MACD) line positioned over the signal line. This crossover highlights the incoming uptrend and a buy signal in the market.
Moreover, the Chaikin Money Flow (CMF) indicator, which assesses the capital flow, is likely settled at 0.15, suggesting a positive money flow and LINKs demand within the market. Meanwhile, the daily trading volume of Chainlink has plummeted by over 41.90%.
The daily trading window of LINK shows the short-term 9-day moving average has crossed the long-term 21-day moving average. Besides, the current market sentiment of Chainlink is neutral with the daily relative strength index (RSI) found at 63.57.
Disclaimer: The opinion expressed in this article is solely the authors. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
