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The Chainlink market has attempted to break the resistance at the $16.112 mark but has been unsuccessful. Today’s trading session witnessed encouraging support from market forces, enabling the pair to resurface above this price mark. Let’s assess how far the market can advance beyond this point.
Chainlink Statistics:
Current LINK Value: $16.903
LINK Market Cap: $9,559,952,420
Chainlink Circulating Supply: 568,099,970
LINK Total Supply: 1,000,000,000
Chainlink CoinMarketCap: 12
Key Price Levels:
Resistance: $16.903, $17.500, and $18.00
Support: $16.000, $15.000, and $14.000
LINK Buyers Remain Dominant Above the $16.00 Mark
The ongoing session in the Chainlink daily market has yielded traders an impressive amount of profit. The token’s price increased from around the $15.050 mark through the $16.00 mark (a psychological resistance) to now trade at the $16.900 mark as of press time.
Meanwhile, the Moving Average Convergence Divergence (MACD) Indicator line has crossed above the center line, and the bars of the indicator have grown significantly taller in response to heightened bullish pressure in the market. A close observation of the last price candle on this daily chart suggests that bulls are strong at this point, evident from the short upper shadow compared to the one below, indicating the potential for further upward movement toward elevated price marks.
Chainlink Bulls Show Determination to Extend Upward Correction
In the LINK 4-hour market, we can see that while the previous session pushed prices through the $16.00 mark, a new session has begun in the market, which seems ready to keep the token’s price rising toward higher levels. Considering the appearance of the last price candle here, we can see that buyers still maintain significant strength.
Also, the MACD curves have yet to deliver another upside crossover above the equilibrium level. The indicator bar corresponding to the ongoing session seems significantly longer than the previous one. As it stands, traders can develop crypto signals that anticipate at least the $17.50 market as a near target and a more distant target at the $18.50 price level.
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