- Currently, Chainlink’s price is floating around the $16 mark.
- The amount of LINK being traded has decreased by over 22%.
Throughout August, Chainlink has seen positive market movement, gaining over 26%. Today, LINK experienced a brief rise of approximately 1.73%. The broader cryptocurrency market shows some positive signs, with leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) trading near critical levels of $114.7K and $3.6K, respectively.
An analysis indicates that LINK’s price is moving within a long-term upward-sloping channel. A bullish scenario remains in play if the $13 support level holds. In such a case, the upper boundary of the channel suggests a potential target price near $46. Conversely, a break below this support could negate the current positive outlook for the asset.
Looking more closely at LINK’s price action, the asset could experience further gains if the bullish momentum continues. Overcoming existing obstacles could propel the price above $20. Earlier today, Chainlink touched a low of around $16.27 before climbing to a high of $16.88, showing signs of bullish activity.
According to data at the time of this report, Chainlink is trading at approximately $16.78, with a market capitalization of $11.41 billion. However, its daily trading volume has declined by 22.52% to $372 million. Figures indicate liquidations of LINK positions worth 374.74K over the past 24 hours.
Can Chainlink Break Through?
Continued positive momentum could drive Chainlink towards its immediate resistance level at $16.84. If the cryptocurrency can maintain stability at this price, it could target the next resistance point around $16.90. Alternatively, downward pressure could push LINK towards its support level at $16.72. A significant drop below this level could trigger a further decline towards $16.66 or even lower.
Chainlink’s Moving Average Convergence Divergence (MACD) line is slightly above the zero line, but the signal line remains below. This suggests a possible weak shift in the bearish trend. It can be viewed as an initial indication of a potential trend change. Additionally, the Chaikin Money Flow (CMF) indicator is at 0.00, pointing to a balance between buying and selling forces in the market and possibly indicating a consolidation phase for LINK.
Currently, market sentiment is cautiously optimistic, with the daily Relative Strength Index (RSI) at 53.60. This puts the asset in a healthy zone, not overbought, with room for price movement in either direction. Chainlink’s Bull Bear Power (BBP) reading of 0.21 suggests that buyers have more influence than sellers. An increase in this value would indicate stronger bullish momentum.
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