Chainlink Price Eyes Breakout as Bulls Take Control

Summary (Key Highlights)

• Chainlink (LINK) is changing hands at approximately $15.41, and it has gained 9.39 percent in the past week.
• The number of shares traded per day increased by 34.73% to a level of $555 million.
• The technical indicators are pointing to possible resumption of bullish momentum.
• The RSI of LINK is 69.61, which means it is approaching overbought levels.
• The level of support is at $15.29, whereas the resistance is at $15.51.
• The Chaikin Money Flow and MACD crossover at 0.22 indicate that there is more upside.

Chainlink (LINK) Price Performance

Chainlink (Focus Keyword: Chainlink price) is causing some splashes in the crypto market lately. LINK, the native token of the decentralized oracle network, is changing hands at approximately $15.41, recording a 0.98% increase in the last 24 hours and a 9.39% rise during the last seven days. The asset began the day at $14.88, and the intraday high was at $15.49.

Bitcoin (BTC) and Ethereum (ETH) are steady at $109.6K and $2.8K respectively, making the crypto market continue to show signs of “Greed” with the Fear and Greed Index at 65.

Additionally, the market cap of LINK has reached $10.12 billion, and its trading volume rights surged by 34.73% to reach $555 million, which means that more investors are showing interest in it.

Technical Indicators: Bulls Moving ➜

The recent Chainlink price upswing is backed by several technical indicators:

• MACD Line Crossover: The MACD line has crossed over the signal line in a classic bullish sign.
• Chaikin Money Flow (CMF): CMF indicates heavy positive money flow, which indicates moderate buying pressure at 0.22.
• Relative Strength Index (RSI): With a current value of 69.61, LINK is close to being overbought, so a price consolidation or a minor pullback may occur.
• Bull Bear Power (BBP): The bulls seem to be in control of the market at 0.70.

All these signals create a bullish short-term image, but one should be careful because of the RSI level.

Chainlink Has Had a Successful Run; Now What?

Chainlink price is exhibiting a shallow reversal on the four-hour chart, which suggests a possible golden cross experience, which is a bullish indicator, where the short-term moving average breaks above the long-term moving average.

Provided that LINK manages to prevail above the resistance of $15.51, the additional rally might be on the cards. Nevertheless, the inability to maintain the current levels could result in retracement to $15.29. A more severe downward movement can send the prices further down, potentially to the level of $15.20 or a death cross configuration.

Key Levels to Watch

Chainlink price explosion and technical signs of bullishness suggest that the LINK could be ready to move higher. Nevertheless, traders are advised to monitor closely important resistance and support areas and RSI levels.