Chainlink (LINK) Upside Correction Grows Stronger

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Price movement in the Chainlink market has gained notable traction in today’s trading session. The token’s price has increased by 6.82%, pushing it above a crucial technical landmark. With technical indicators supporting the ongoing move, bullish sentiment appears to be strengthening.

Chainlink Market Statistics

Current Price: $18.71

Market Capitalization: $12.8B

Circulating Supply: 678.09M

Total Supply: 1B

CoinMarketCap Rank: 12

Key Price Levels

Resistance: $20, $25, $30

Support: $18, $16, $14

LINK Roars Past the 9-Day EMA

Bullish sentiment has dominated over the past two sessions, following a rebound from the $15.50 price level. The latest price candle on the Chainlink daily chart is a long green candle, positioning the token above the 9-day Exponential Moving Average (EMA) curve.

At the same time, the Stochastic Relative Strength Index (SRSI) lines are now trending upward after forming an upside crossover just above the 20 mark. Technically, this suggests that the market is eyeing the $20 price level as the next target.

Chainlink Buyers Are Staying Positive

On the LINK/USDT 4-hour chart, price activity continues to hold firmly above the 9-day EMA line. While the previous session was strongly bullish, the current session remains on the same upward path. The latest candle on the chart, as of the time of analysis, is a small green one that has closed slightly above the previous session’s level.

Meanwhile, the SRSI indicator lines are already positioned in the overbought region at the 100 mark. However, the terminal of the indicator continues to point upward, further supporting the outlook that the market may advance toward the $20 price level in the near term.

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