The price of Chainlink (LINK) has experienced a surge, surpassing the $15 resistance level and indicating a bullish trend. However, it is important to note that there has been a significant decline of over 35% from its peak of $22 in the last 30 days.
In a recent surge, Chainlink’s price has shown strong upward momentum, surpassing even the bullish momentum of Bitcoin after its halving event. This surge, which has resulted in a 20% increase in LINK’s price, has allowed it to surpass the important resistance level of $15. Additionally, it has positioned itself firmly above key moving averages, signaling a bullish trend.
Despite this positive momentum, recent price action has shown a noticeable distribution from its peak of $22, resulting in a decline of over 35% in the last 30 trading sessions. However, amidst this volatility, LINK has displayed multiple upward candlesticks in the past week, suggesting the potential for a reversal in its trajectory.
Currently priced at $15.53, with a daily gain of 4.98%, LINK appears to be in a state of neutrality on the charts. Its monthly return ratio is challenging at -23.87%, but it boasts an impressive yearly gain of +117%.
The supply of profitable LINK has surged by 13% in the past two days, reaching 84% at the time of writing. This increase adds complexity to the market dynamics of LINK.
Analysts are taking a neutral stance and anticipate that LINK could continue to face selling pressure, potentially prolonging its underperformance. In order to regain bullish momentum, Chainlink must surpass the immediate resistance level of $18. A breakthrough above the $20 resistance level could open the way for a recovery, with the next critical resistance level at $23.5. If LINK fails to breach the $18 mark and instead turns it into support, the altcoin could invalidate the prevailing bearish sentiment and rally towards $13, altering its trajectory.