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Price action in the Chainlink market is now preparing to cross the $11.00 threshold as bulls continue to mount upside pressure. Even though headwinds have also caused a minor downward correction, it generally appears that this market still has upside potential.
Key LINK Statistics:
Current Chainlink Value: $10.97
LINK Market Cap: $6,041,619,832
Circulating Supply of LINK: 556,849,970
Total Supply of Chainlink: 1,000,000,000
LINK CoinMarketCap Ranking: 12
Key Price Levels:
Resistance: $10.97, $11.50, and $12.50
Support: $10.50, $10.00, and $9.50
LINK Bulls Are Strongly in Position to Deliver More Upside Thrust
In the Chainlink daily market, it can be seen that there was a minor downward correction in the previous session. In that session, price action had tested the $11.00 price level, and perhaps price action may have hit the targets set by some traders. However, upside momentum soon resumed, and price action has started attempting to revisit this price mark.
Although the ongoing session has revealed that there has been a tug-of-war between buyers and sellers, buyers have managed to have the upper hand in this market, thereby placing the market above the two sets of the Guppy Multiple Moving Average (GMMA) curves. Consequently, another bullish crossover is on the way to the Relative Strength Index (RSI) indicator in the overbought region, which aligns with the opinion that price action will climb higher in the session.
Chainlink Maintains Gaze at the $11.50 Mark
The ongoing session in the LINK 4-hour market holds that headwinds have caused some downward correction. Consequently, this has, to some extent, opposed price increases in today’s trading session. Nevertheless, technical indicators are still positive, suggesting that prices may increase.
It could be seen that the opening of the last bearish price candle on this chart sits on the two sets of the GMMA lines. Likewise, the RSI indicator lines can be seen rising out of the oversold region despite the printed losses. Therefore, traders can still hold on to their positions and not panic, as prices in this market may extend an upside retracement towards the $11.50 mark.
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