The cryptocurrency market has been very volatile lately and has often witnessed moves of growth. While such high volatility continues, the Chainlink market has also seen price charts peaks and troughs. At the time of writing, the tenth largest cryptocurrency with a market value of $ 12.38 billion is trading at $ 30.14.
6-hour Chainlink price chart
Chainlink’s six-hour chart indicated that the digital asset saw a sudden recovery after the decline last week. LINK dropped close to $ 26, but an increase raised the price to $ 30. As the market stabilized, the value of LINK was capped at between $ 30.98 and $ 28.71.
As there was a change in the bitcoin trend, there was an upward trend in the market. This could cause LINK to once again test the $ 30.98 resistance.
Bollinger Bands stated that the market is opening up to more volatility. This could be an indication of a price fluctuation going into the Chainlink market. On the contrary, the Signal line is below the price bars, indicating that the price is starting to rise.
Meanwhile, the Relative Strength Index in the oversold zone rose. This showed that buyers entered the market and increased the value of the digital asset higher than before.
The 50 moving average acting as resistance until the spike is now acting as a strong support level for LINK’s price. The digital asset recovered to touch $ 30.12, while support remained near $ 29.33.
Chainlink’s six-hour chart underlined that it may be on track to test resistance at $ 30.98. As buyers fill the market, the cryptocurrency can see a strong rise in price.