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The price of the Chainlink token has been trading at a multi-month high for a significant length of time. Price activity in this market has tried to break the resistance at the $16.00 mark but has failed all this time. As of the time of writing, another attempt is underway, and activities in this market seem to be aligning to suggest that more moves may occur in this market.
LINK Statistics:
Current Chainlink Value: $15.088
LINK Market Cap: $8,533,149,941
Chainlink Circulating Supply: 568,099,970
LINK Total Supply: 1,000,000,000
Chainlink CoinMarketCap Ranking: 13
Key Price Levels:
Resistance: $15.088, $15.500, and $16.000
Support: $15.000, $14.500, and $14.000
Chainlink May Hit the $16.00 Ceiling
Today’s trading activities have advanced LINK’s price action through some notable landmarks on applied technical indicators. This hints that more upside moves may be seen in this market, as such advancements will most likely strengthen bullish convictions. The last price candle on this chart has an upper shadow, while its body has placed the token’s price above the crossed lines of the Guppy Multiple Moving Average (GMMA) curves.
Consequently, this suggests that price action has faced some rejections in the ongoing session. Nevertheless, the printed gains in today’s session still overwhelm the experienced minimal correction. Furthermore, the lines of the Stochastic Relative Strength Index (RSI) are merged but still have an upward trajectory. This communicates that despite the rejection, buyers still seem to outweigh sellers in this market.
LINK’s Downward Reject Gets Expressed
It can be seen through the aid of a Chainlink 4-hour market that this token has seen much bigger profits in the past four trading sessions. However, subsequent sessions seem to have experienced decreased volatility until the ongoing session responded with a downward rejection. Nevertheless, the price of the token remains above the crossed green set of the GMMA lines.
Traders should also consider that the Stochastic RSI lines are now converging for a crossover in the overbought region. Although there is still a small gap between the converging lines of the RSI, this points out that upside forces still have a fighting chance against downward ones. Therefore, traders should position a convenient exit while they project that price action may revisit the $16.00 mark.
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