Chainlink (LINK) Gains Momentum: $16 Breakout Incoming?

• Chainlink has gained by 6%, with its price hovering around $15.
• LINK’s daily trading volume has jumped by over 64%.

The crypto market recovery has shifted the trend from red to green, with assets attempting to make steady gains. Bitcoin (BTC), the largest cryptocurrency, has climbed into the $86.9K range, while Chainlink (LINK) has registered a 6.68% increase.

Chainlink opened day trading at $14.30 and slipped to a low of $14.18. Eventually, on the heels of the bulls, LINK climbed to a high of $15.28, choosing to trade on the upside. At the time of writing, Chainlink was trading at $15.25.  

Furthermore, the market observed a liquidation of $1.09 million worth of Chainlink during this period. Meanwhile, the asset’s daily trading volume has reached $335 million.

Will Chainlink Break New Ground?

Chainlink’s upside price pattern could bring in a steady rally, pushing it higher, likely retesting the immediate resistance at $15.76. Should LINK sustain its price stability, it might head toward the $16.35 resistance.

A reversal of LINK’s ongoing price momentum could trigger it to right away fall to the support zone at the $14.88 range. If the downturn accelerates, Chainlink could break beneath the $13 support zone.

The Moving Average Convergence Divergence (MACD) line of Chainlink has crossed over the signal line. This typically indicates bullish crossover and the asset could be poised for further upward movement. 

Additionally, the Chaikin Money Flow (CMF) indicator found at 0.11, suggesting that the capital is flowing into the asset, reflecting a positive sentiment. Meanwhile, the daily trading volume of LINK has surged by 64.57%.

LINK’s daily relative strength index (RSI) positioned at 69.97 is approaching the overbought territory. Besides, the Bull Bear Power (BBP) value of 1.2039 signals strong bullish momentum in the market.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

Highlighted Crypto News 

MUBARAK Rallies 27%, Is a New All-Time High Within Reach?