Chainlink recently surpassed the $17.47 mark. The market reacted, leading to a considerable downward correction. However, today’s session has significantly restored price action in this market to an upside path. Let’s see how things will likely move in this market.
LINK Statistics:
Current LINK Value: $18.37
Chainlink Market Cap: $10,873,533,273
Chainlink Circulating Supply: 587,099,970
LINK Total Supply: 1,000,000,000
Chainlink CoinMarketCap: 11
Key Price Levels:
Resistance: $18.37, $19.00, and $20.00
Support: $18.00, $17.00, and $16.00
Chainlink Resurfaces Above the $18.00 Threshold
Ever since price action in the LINK daily market bounced off the support a bit below the $14.00 mark, things have been looking good for the token. As a result, price action in this market was able to break several resistances, including a psychological one, in the ongoing session.
Also, price action remains above the 21-day Moving Average (MA) curve. The Moving Average Convergence Divergence (MACD) indicator is showing that upside forces are quite strong. This can be seen as the bars of this technical indicator are tall and appear solid green above the equilibrium level. Likewise, the lines of this indicator have also crossed above the equilibrium level. All these signals indicate a strong bullish trend in this market.
LINK Seems Preparing to Charge Attack the $19.00 Mark
Chainlink has started another session in the 4-hour market, and bulls are still dominant. Likewise, as seen in the daily market, trading activities are still above the 21-day MA line. Studying the market pattern, one could see that the support at the $17.47 mark has been tested for the second time. As a result, a breakout has occurred through the $18.00 mark. Furthermore, the MACD indicator lines are still converging above the equilibrium level, while their bars are pale red.
Consequently, this seems to signal that the ongoing upside correction may at least extend toward the $19.50 mark or break through it. However, as a precaution for producing crypto signals, traders should exercise caution even while targeting such a likely price mark.
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