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The Chainlink token price has stayed above the psychological level at the $20.00 mark. However, it could be seen that a correction has occurred in the market. Things are still unfolding in this session, so let’s commit to studying price movements in this market for better insights.
Chainlink Statistics:
Current LINK Value: $20.016
Chainlink Market Cap: $11,891,515,575
LINK Circulating Supply: 587,099,970
LINK Total Supply: 1,000,000,000
Chainlink CoinMarketCap Rank: 10
Key Price Levels:
Resistance: $20.016, $21.000, and $22.000
Support: $20.000, $19.000, and $18.000
Chainlink Extends Trading Through the $20.000 Mark
Price action in the LINK daily market reveals that there have been some significant price moves in the ongoing session. The last price candle on this chart can be seen leaping towards higher levels while starting the session near the close of the previous session. However, the appearance of a longer upper shadow suggests that the session may have awakened the bears, as the corresponding price candle contracts downward.
Nevertheless, the current price of the token remains at a considerable level above the Guppy Multiple Moving Average (GMMA) lines. Likewise, the Stochastic Relative Strength Index (SRSI) indicator lines have just delivered a bullish crossover. The ensuing lines of this indicator following the crossover seem not hyperextended and suggest that traders may keep calm and maintain bullish crypto signals in this market.
LINK Downward Rejection Revealed
In the Chainlink 4-hour market, the earlier perceived downward rejection has been clearly portrayed via the last price candle on the chart. Nevertheless, it could be seen that the last price candle here has a lower shadow, which shows that upside forces are trying to push the market back upwards. In fact, via close observation, one can see that prices have increased from what they were on the daily chart.
Consequently, this suggests that buyers may have started re-entering the market at the dip due to downward rejection. Meanwhile, the SRSI indicator lines are still pointed steeply downward, following a crossover in the overbought region. Consequently, this suggests that traders should ensure that an exit is positioned at a convenient level while maintaining bullish anticipations towards the $22.00 mark.
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