ChainLink Price Analysis: LINK Crypto Finally Bullish, Breaking Out Of The Range, What Bullish Plan?

  • ChainLink Price traded inside the horizontal area bounded by the daily price chart and eventually broke out of the range.
  • LINK crypto has recovered above the 20, 50, 100 and 200 day daily moving average.
  • The LINK/BTC pair is at 0.0003219 BTC with an intraday gain of 8.46%.

ChainLink’s price has been trading inside the Accumulation and Distribution levels since June 12. Basically, LINK crypto was consolidating inside the horizontal area delineated on the daily price chart. The token has finally regained the necessary uptrend momentum and exited the consolidation phase. The token is trying to hold above the range as the bulls strive to push the token with a scintillating bullish rally. The entire cryptocurrency market is up as BTC is at 24000 and trying to hold above. All other altcoins have also started to rally higher and are also recovering from their respective patterns. The LINK coin must hold above the horizontal range to register its recovery.

ChainLink’s price is currently estimated at $7.73 and has gained 12.57% of its market capitalization in the last 24 hours. Trading volume increased by 81% during the intraday trading session. The LINK coin needs to maintain the current uptrend momentum to stay in the current bullish rally. The volume to market capitalization ratio is 0.2314.

LINK crypto must hold on the upper trendline of the consolidation phase and should rally significantly on the daily chart. Meanwhile, LINK crypto has recovered above the 20-, 50-, 100- and 200-day daily moving average. The change in volume can be seen above the average, showing the active involvement of the bulls in the game. However, the volume must remain under control of the bulls so that the bears cannot drive the token back inside of the fork.

Short term view of LINK Crypto

LINK coin price is attempting to hold above the upper trendline or distribution line of the consolidation phase on the hourly chart. Technical indicators on the hourly chart indicate bullish momentum for the LINK coin.

The Relative Strength Index presents the uptrend momentum of LINK crypto. The RSI is at 74 and approaching extreme overbought territory. LINK investors can expect any change in direction as soon as the RSI returns from the overbought territory on the hourly chart.

MACD presents the bullish momentum of the LINK coin. The MACD line is well ahead of the signal line inside the positive zone.

Will LINK establish its link above the range?

LINK coin price is trying to hold above the consolidation phase on the daily chart. The token must hold above the range to stay in the recovery phase. However, the token is still below the $10.00 mark and it needs to rally towards resistance for a rebound. Technical indicators suggest the bullish momentum of the LINK coin.

The Relative Strength Index shows the uptrend momentum of the LINK coin. The RSI is at 62 and preparing to enter overbought territory.

MACD presents the bullish momentum of the LINK coin. The MACD line is ahead of the signal line in the positive zone.

Conclusion

ChainLink’s price has been trading inside the Accumulation and Distribution levels since June 12. Basically, LINKc crypto was consolidating inside the horizontal area delineated on the daily price chart. The token has finally regained the necessary uptrend momentum and exited the consolidation phase. The token is trying to hold above the range as the bulls strive to push the token with a scintillating bullish rally. The change in volume can be seen above the average, showing the active involvement of the bulls in the game. However, the volume must remain under control of the bulls so that the bears cannot drive the token back inside of the fork. Technical indicators suggest the bullish momentum of the LINK coin. The RSI is at 62 and preparing to enter overbought territory.

Technical levels

Support levels: $6.70 and $6.20

Resistance levels: $8.00 and $10.00

Disclaimer

The views and opinions expressed by the author, or anyone named in this article, are for informational purposes only. They do not provide financial, investment or other advice. Investing in or trading crypto assets involves the risk of financial loss.

Saurav Bhattacharjee
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