- The crypto market has fluctuated in recent days, led by Bitcoin, the world’s largest cryptocurrency. When BTC surged to $ 47,500-48,000, the rest of the altcoin market, including Chainlink, was on the rise, thanks to the correlation it shared with the rest of the market.
LINK, which finally exceeded the expected psychological resistance level of $ 30 at the time of this article, is trading at $ 30.82.
Chainlink’s daily chart highlighted the advancing bullish momentum in the market. Even though the value of the digital asset has reached a price peak, the trend has not changed, indicating that it is unlikely to sell anytime soon.
However, the market may soon see a drop in value before continuing to trade at the same price level.
What do the technical indicators tell?
Chainlink’s price has been rising for a while, and it does so even during Bitcoin’s consolidation phase. However, LINK also reached its peak as prices increased on a daily basis. At this point, market volatility may increase, as the divergence of the Bollinger Bands shows. The signal line highlighted the rising price on the charts.
50 moving averages can act as support in the event of a breakdown. However, this is only possible if sales momentum increases. The Relative Strength Index suggested that LINK moved to the overbought territory of LINK at the time of this writing.
Volume at high prices should support the value of the digital asset. Therefore, even if there is selling pressure in the market, the uptrend can stop it and make LINK position higher on the charts.
Although there is an upward trend, small corrections can be seen in Chainlink market. Given the uptrend, it may not take long for the trend to change in the long run. Can be taken over by buyers in the LINK market. Given the strong networking activities, the LINK community supported developments that support the high value of the digital asset. This momentum could push LINK’s price further on the price scale.