Chainlink (LINK) on Monday is now the best-performing Altcoin out of the top-20. In the last 24 hours, LINK/USD has risen more than 6 percent and trading at $4.4 by the time of this post. With a market cap of $1.53 billion and an estimated daily trading volume of $464 million, the coin takes 13th position in the global crypto-currency ranking. The growth of LINK is followed by high volumes, adding legitimacy to the upside pattern. Today’s rallies are grasping traction on LINK/USD to $4.5 following over two months of steady chainlink progress. The exchange outflows correlate with substantial LINK price inflation by nomic coin metrics, such as more tokens left cryptocurrency exchanges, trading volume steadily grew. The latest stats indicate that Chainlink Marines transfers their tokens directly to their wallets or smart contracts with Chainlink. According to Glassnode, the amount of LINK supply owned by the top 1 percent of addresses has risen by nearly 25 percent in the past year.
*LINK/USD has risen more than 6 percent and trading at $4.4 by the time of this post
*Today’s rallies are grasping traction on LINK/USD to $4.5 following over two months of steady Chainlink progress
*Latest stats indicate that Chainlink Marines transfers their tokens directly to their wallets or smart contracts with Chainlink
Resistance Levels: $5.5, $5.00, $4.50
Support Levels: $3.66, $3.00, $2.66
LINK/USD Daily Chart: Bullish
LINK/USD Daily Chart
Trend metrics remain bullish on the daily LINK/USD chart. Price has stayed relatively beyond the MA 200, MA 50, and the ascending trendline as seen on the timeframe since April 7, 2020. Consequently, all of the declines beneath have been short-lived as of mid-March market carnage, resulting in bullish progression. The trend may stay bullish as long as the market price is beyond these same factors mentioned.
Since the decline in March, LINK/USD technicals have reverted to the bullish territory, except becoming overbought, as price returns on the RSI towards 80. Any additional market growth may likely discover resistance around $5.0 on the yearly pivot. Medium-term pullbacks are likely to discover support in the lower horizontal line at $3.66 buyers convergence zone.
LINK/USD 4-Hour Chart: Bullish
LINK/USD 4-Hour Chart
On the intraday chart, LINK/USD shifts along the upside-down trendline, supported by 4-hour MA 50 and MA 200. This technical support acts as a significant buyer confluence zone which has been recently validated in many instances. Once breached, the sell-off could be stretched to a $4.00 psychological zone.
Interestingly, since March LINK has continued to follow the ascending short-term trendline. Once Chainlink declines off the trendline, a bearish scenario could be considered. This recent pivotal rally suggests the bulls are back on Chainlink. Chainlink is suggested to recover at $3.79 around the trendline, horizontal support, and 4-hour MA 200 if the price declines. Once the price drops off the 8-week trendline, it might fall straight to $3 and maybe $2.66 support.
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