Chainlink (LINK) Bulls in Action: After a 9% Jump, Can It Push Past $10 Soon?
- Chainlink surged 9%, currently trading at $8
- LINK’s daily trading volume has dropped by 40%.
4.54% gain has settled the market cap at $2.28 trillion. Hence, all major crypto assets exhibit positive momentum, seeking to reclaim their recent highs. The brief green wave has hit the market, led by the largest assets: Bitcoin (BTC) and Ethereum (ETH). Meanwhile, Chainlink (LINK) has recorded a steady 9.07% jump over the last 24 hours
LINK was trading on the downside, at around $8.08 in the morning hours. After the bullish pressure gained traction, the price climbed to a high of $8.91. At the time of writing, Chainlink traded at $8.87, with its daily trading volume dropping by 40.77%, reaching $379.12 million. The market has observed a liquidation of $1.11 million worth of LINK.
The price analysis of Chainlink reveals that if the bulls are ready to take up the market, the price could move higher to the $9.08 resistance. If it holds this range stable, it might climb toward $9.29 or higher. Upon the LINK’s momentum reversing, the price could drop and find support at the $8.66 level. Assuming the bears are powerful, they might push the price down, and it likely retraces below the $8.45 zone.
Chainlink Momentum Alert: Heading Down or Up?
The 4-hour technical analysis shows that the Moving Average Convergence Divergence (MACD) line is above the signal line, and they have crossed below the zero line. This LINK crossover shows that the bullish momentum is building, with the overall bearish trend
Besides, the Chaikin Money Flow (CMF) indicator, which is resting at -0.11, displays moderate selling pressure. With the negative value, the capital outflow outweighs the inflow. As the selling pressure is not extreme, some balance still exists in the Chainlink market.
LINK’s daily Relative Strength Index (RSI) at 60.50 indicates moderate to strong bullish momentum. As it is above the neutral level, the buyers are in control, leaving enough room for further upside. Moreover, the Bull Bear Power (BBP) reading of 0.51 suggests a mild bullish dominance. Notably, the upward momentum may build further, and the market is showing healthy buying strength.
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