Chainlink is currently trading at the $24 mark.
LINK’s trading volume has exploded by over 120%. The crypto market opened the day bearish, losing by over 2.53%, with the market cap reaching $3.9 trillion. The majority of the assets are charted in red, losing the recent gains. Both Bitcoin (BTC) and Ethereum (ETH) have fallen in value. Among the altcoin pack, Chainlink (LINK) has recorded a spike of over 1.38% in the last 24 hours.
In the early hours, LINK traded at a bottom range of $24.09. As the bullish wave entered, the price climbed to a high of $26.22, breaking the key resistance range between $24.14 and $26.17. Upon gaining steadily, the asset could move up and gain more. The CMCdata reveals that at the time of writing, Chainlink trades at $24.73.
With the market cap sitting at $16.71 billion, LINK’s daily trading volume has exploded by over 120%, reaching $2.97 billion. Moreover, the market has observed a liquidation of $8.59 million worth of LINK during this interval, as reported by the Coinglassdata.
Chainlink Momentum: Temporary or Trend?
LINK’s four-hour technical indicators report that the Moving Average Convergence Divergence (MACD) line is above the signal line, implying bullish momentum. Traders consider this a potential buy signal, and the price trend is likely to continue the uptrend.
LINK chart (Source: TradingView)
Besides, the Chaikin Money Flow (CMF) indicator, currently settled at 0.01, is almost neutral and balanced, with a slight bullish tilt. With the value, the money is flowing into the asset more than out, and it is not strong enough to confirm a major accumulation.
The price graph of Chainlink unveils an active upward price pattern. The price might move up and test the nearest resistance at around $24.79. A breakout through the crucial resistances between $24.85 and $24.91 could trigger further upside targets.
Conversely, if the price fails to hold the momentum, Chainlink could experience downside pressure, and it might potentially break down below the $24.67 mark. An extended loss would push the asset’s price back toward $24.61 or even lower.
In addition, the daily Relative Strength Index (RSI) positioned at 60.79 indicates a moderate bullish momentum in the market. The asset is not yet overbought, but shows steady buying pressure. Chainlink’s Bull Bear Power (BBP) reading of 1.32 suggests that the bulls are moderately dominant, but not an extreme signal.
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