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LINK Price Analysis: Is Chainlink Coin Ready For Another Bullish Momentum?

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  • Chainlink token is trading on a bullish note for the past three days and is now heading towards the vital moving average levels of 200 and 20-Day
  • The coin is still in the bearish zone; as the token falls below all vital moving averages, volume is below the average line.
  • The pair of LINK/BTC is trading positively with intraday gains of +6.35% at 0.0006286 BTC; whereas, the ratio of LINK/ETH is stranding at 0.009755 ETH with an increment of 8.35% in the last 24-hours. 
Source:tradingview

The Chainlink coin has seen a bullish rally over the past three trading sessions as traders on exchanges have been buying LINK with more than $1,417,221,789 worth of volume in the last 24 hours. The Chainlink coin is ranked 13th with a total market capitalization of $10,934,868,699 jumped +11.02%. 

Trading volumes were also high during these bullish sessions, showing that investors are looking for stocks to put their money into. This shows an upwards trend for this cryptocurrency which could be useful if you’re trying to capitalize off its current momentum. If the coin manages to suppress the vital moving averages of 20 and 200-day and sustain above them, it will boost the Bulls’ confidence.

Source:tradingview

Chainlink coin over the weekly chart is trading on a bullish note after the breakout from the strong bearish trend with good volume action. Similarly, the technical parameters are also suggesting the same and highlighting the power of the bull overbears. Currently, a coin is trading at $25.16 with an intraday gain of +7.24%, and the volume to market cap ratio stands at 0.1296. whereas support on the monthly chart is at $21 and $18; whereas, the levels of $28 and $34 will act as resistance levels. 

Relative Strength Index (BULLISH): Chainlink coin RSI is presently projecting bullish momentum, gradually heading towards the overbought region over the weekly chart. At the same time, trading at 62 levels.  

Moving Average Convergence Divergence (BULLISH): Currently projecting a positive trend over the weekly chart. The MACD shows the buyer’s signal line (green) is overpowering the seller’s line (red).  

Support levels: $21 and $18

Resistance levels: $28 and $34