Since July, price action in the Chainlink daily market has consistently rebounded from higher support levels. Today, this token has surged by 9.25%, propelling it to the second spot on the daily crypto movers list. Let’s explore what more this market has in store.
Key Chainlink Statistics:
Current LINK Value: $9.59
Chainlink Market Cap: $5,270,179,708
Circulating Supply of LINK: 556,849,970
Total Supply of Chainlink: 1,000,000,000
LINK CoinMarketCap Ranking: 14
Key Price Levels:
Resistance: $9.59, $10.00, and $11.00
Support: $9.00, $8.50, and $8.00
Chainlink Bulls Are in Control
In the past three trading sessions on the Chainlink daily market, prices have shown significant and consecutive increases. As a result, the token’s price is now approaching the $10.00 mark. Concurrently, the Moving Average Convergence Divergence (MACD) indicator indicates a strong surge in bullish momentum.
This is evident as the indicator lines have crossed above the equilibrium level and continue to rise sharply. Based on this, it’s likely that the bullish sentiment will persist for this session, propelling price action towards higher levels.
LINK Faces Rejection but Displays Signs of Recovery
On the LINK 4-hour market, the price candle representing the ongoing session exhibits an upper shadow. This suggests that the upward retracement is encountering resistance, potentially from traders who anticipate a reversal or are securing their profits. Nevertheless, the price remains above the 21-day Moving Average line.
Additionally, the MACD indicator, which previously indicated weakening momentum, has now shown solid green bars, signifying renewed strength in momentum. Consequently, hopes have reignited for the price to reach the $10.00 mark and potentially surpass this threshold.
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