Will Link Price Mark a New High?

LINK surged to new highs with the indicators reflecting the bullish sentiments. The price has seen a remarkable increase of about 10.44% this week and the technicals are also showing a strong buy signal.

According to the technical summary on TradingView, out of 26 indicators, 3 are on the sell side, 9 are on the neutral side and 14 are on the buy side. The technicals are showing bullishness.

Chainlink is currently trading at the level of $20.213 with an intraday gain of almost 1.68% with a 24-hour trading volume of 612.04 Million. The current market capitalization of the crypto is 11.85 Billion and has a total circulating supply of 587.10 Million.

The performance of the LINK is impressive as the crypto recorded phenomenal returns of 202.07% year-on-year. Since January 1st 2024, LINK has given 35.13% returns. It rose by almost 225.55% in the last 6 months while in the past 3 months, it grew by almost 34.15%. Tthis week,  the price has shown an upward rally of about 10.44%, reflecting bullishness on the daily technical chart.

Technical Analysis of Chainlink Crypto Price in 1-D Timeframe

Chainlink (USD: LINK) crypto price rose steadily through the year. At the time of writing, LINK crypto is trading in the bullish zone and has been trying to hold on to this level after a pullback.

At the time of publishing, Chainlink crypto (USD: LINK) is trading below the 50 and 200-Day SMAs (Simple moving averages), which are supporting the price trend.

The current value of RSI is 68.18 points. The 14 SMA is above the median line at 67.60 points, indicating that the Chainlink crypto is bullish.

The MACD line at 1.310 and the signal line at 1.086 are far away the zero line. A bullish crossover is observed in the MACD indicator which signals more bullishness for LINK.

Conclusion

Chainlink is one of the leading projects in the crypto space, providing a vital service for the blockchain industry. Chainlink’s price has been on a bullish trend, breaking new highs on the daily technical chart and indicators. Chainlink’s price depends on the supply and demand of its token, as well as the market sentiment and adoption. Therefore, investors and traders should be cautious and watch the daily chart for any signs of change in direction before making any next move.

Technical Levels

Support Levels: The Chainlink crypto price may find support at $17.344 and $16.521, where it could bounce back or stabilize.

Resistance levels: The LINK crypto price may face resistance at $25.00 and $30.00, where it could reverse or consolidate.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.