Chainlink Price to Prolong Bullish Recovery by 10% as Buyers Break this Key Barrier

18 Apr, 2023

Editor

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

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In the daily time frame chart, the chainlink coin shows an evident sideways trend where the prices resonate within the $9.48 and $5.4 marks. The coin price rebounded from both these levels at least indicates the traders are strictly responding to these levels. Moreover, this range setup has affected the LINK price for nearly a year and therefore will have a significant influence on the future trend.

Key Points:

The chainlink price rising for six consecutive days reflects strong bullish momentum in the market.
With sustained buying, the LINK price will challenge a high supply zone of $9.48
The intraday trading volume in the LINK coin is $484.5 Million, indicating a 13% gain.

Source- Tradingview

The chainlink price has witnessed significant growth since last week, registering a 23.5% growth from the $7 psychological support. This bullish growth backed by rising volume indicates sustained buying in the market.

Amid this recovery, the coin price breaches a five-month high of $8.3, offering a significant launchpad for buyers to resume a bullish rally. As of now, the LINK price trades at $8.6 with an intraday gain of 6%.

Also Read: 15 New Cryptocurrencies To Buy In 2023

However, the prices may retest the $8.3 breached resistance to check price sustainability at higher ground. This retest could offer an entry opportunity to interested buyers which may drive the prices by 10% to hit the multi-month resistance of $9.48.

Anyhow, the chainlink coin holders should be extremely cautious at this resistance, as the high supply pressure at $9.48 could trigger a new correction cycle.

Conversely, a breakout from the aforementioned level will signal an early sign of trend reversal.

Technical Indicator

Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator reflects the buying activity is aggressive for the time spent and thus a minor pullback is possible to maintain a prolonged recovery.

Relative Strength Index: the daily RSI slope in bullish territory indicates a positive sentiment among traders.

Chainlink Coin Price Intraday Levels

Spot rate: $8.7
Trend: Bullish
Volatility: Low
Resistance levels- $9.48 and $10.6
Support levels- $8.3 and $7

Investment disclaimer: The content reflects the author's personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.