Technicals have persisted in the bullish region for the LINK/USD market since a fall in March. Presently, although most major cryptocurrencies are taking a breather after an excellent trading week, Chainlink is enmeshed in forwarding shifts. Following its recent corrective downside, the price rebound is extending to $8.0 on LINK/USD. Chainlink (LINK) has risen roughly 4 percent at $7.88 at the time of writing in the last 24 hours. With the estimated market cap of $2.7 billion and an average daily trading volume of $712 million, the coin takes 12th position on the global cryptocurrency market. The token represents investor perceptions of Chainlink as the leading crypto “Oracle” provider. With regular updates of new alliances, the LINK token gainful ‘Oracle’ position in DeFi has been bolstered. This year LINK tokens quadrupled in price to become one of the biggest features in crypto markets.
*Chainlink (LINK) has risen roughly 4 percent at $7.88 at the time of writing in the last 24 hours
*Following its recent corrective downside, price rebound is extending to $8.0 on LINK/USD
*With regular updates of new alliances the LINK token gainful ‘Oracle’ position in DeFi has been bolstered
Resistance Levels: $10.00, $9.00, $8.00
Support Levels: $7.00, $6.52, $5.70
LINK/USD Daily Chart: Bullish
LINK/USD Daily Chart
LINK/USD rebounds to the daily upside channel middle region at $7.88. The growth strengthened the technical view and fixated on psychological $8.00. Once out of the path, the rebound can be extended toward the daily chart’s upper horizontal resistance line positioned on reaching $9.00.
The price has found steady support at the psychological $7.00 horizontal support region. The RSI is back towards line 60, suggesting a bearish momentum reversal. LINK/USD bulls held market dominance as the price rose to $7.88 in today’s session from $6.52 early in the week. Over the next session, the bulls may choose to drive the price past the $8.0 to hover over the upside channel formation.
LINK/USD 4-Hour Chart: Ranging
LINK/USD 4-Hour Chart
Chainlink ranges seamlessly at the upside zone according to the technical view on the 4-hour time frame. The short-term bulls, meanwhile, seem to lose momentum due to the lack of ample volume required to maintain gains of $8.00. The further the demand delays the $8.00 surge, the better the sellers become.
On the downside, a step back beneath 4 hours MA 50 around the $7.50 mark may raise the intensity of short-term selling, and the next support comes at $7.00 psychological level. The LINK/USD pair is only bullish while exchanging beneath the $7.00 mark, main resistance at the $8.00 and the $9.00 mark is seen. Sellers may test the $6.52 and $5.0 if the LINK/USD pair exchanges beneath the $7.00 mark.
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