ChainLink Price Analysis: LINK Crypto Finally Bullish, Broke out of the Range, What a Bullish Plan?

  • ChainLink Price has been trading inside the horizontal range-bound area over the daily price chart and it has finally broken out of the range.
  • LINK crypto has recovered above 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of LINK/BTC is at 0.0003219 BTC with an intraday gain of 8.46%.

ChainLink price has been trading inside the accumulation and distribution levels since 12th June. Basically, LINK crypto was consolidating inside the horizontal range-bound area over the daily price chart. The token has finally regained the needed uptrend momentum and has broken out of the consolidation phase. The token is trying to maintain itself above the range as bulls are trying way hard to push the token with a glittering bullish rally. The whole cryptocurrency market is rising as BTC is at 24000 and is trying to sustain above it. All other altcoins have also started rallying bullish and are also recovering from their respective patterns. The LINK coin must sustain above the horizontal range to register its recovery. 

ChainLink price is currently approximated at $7.73 and has gained 12.57% of its market capitalization in the last 24-hour period. Trading volume has increased by 81% in the intraday trading session. LINK coin must maintain the current uptrend momentum to stay in the current bullish rally. Volume to market cap ratio is 0.2314.

LINK crypto must sustain at the upper trendline of the consolidation phase and should recover significantly over the daily chart. Meanwhile, LINK crypto has recovered above 20, 50, 100 and 200-days Daily Moving Average. The volume change can be seen above the average showing the active involvement of bulls in the game. However, the volume must stay under control of bulls so that bears can’t pull the token back inside the range. 

Short-Term View of LINK Crypto

LINK coin price is trying to sustain above the upper trendline or the distribution line of the consolidation phase over the hourly chart. The technical indicators in the hourly chart denotes the uptrend momentum of the LINK coin.

Relative Strength Index showcases the uptrend momentum of LINK crypto. RSI is at 74 and is approaching the extreme overbought territory. LINK investors may expect any directional change as soon as RSI returns from overbought territory in the hourly chart.

MACD exhibits the bullish momentum of the LINK coin. The MACD line is way ahead of the signal line inside the positive zone.

Will LINK Establish Its Link above the Range? 

LINK coin price is trying to sustain above the consolidation phase over the daily chart. The token must maintain itself above the range to stay in the recovery phase. However, the token is still below the $10.00 mark and it must rally towards the resistance for a rebound. Technical Indicators suggest the uptrend momentum of LINK coin. 

Relative Strength Index showcases the uptrend momentum of LINK coin. RSI is at 62 and is preparing to enter the overbought territory. 

MACD exhibits the bullish momentum of the LINK coin. The MACD line is ahead of the signal line in the positive zone. 

Conclusion 

ChainLink price has been trading inside the accumulation and distribution levels since 12th June. Basically, LINkc crypto was consolidating inside the horizontal range-bound area over the daily price chart. The token has finally regained the needed uptrend momentum and has broken out of the consolidation phase. The token is trying to maintain itself above the range as bulls are trying way hard to push the token with a glittering bullish rally. The volume change can be seen above the average showing the active involvement of bulls in the game. However, the volume must stay under control of bulls so that bears can’t pull the token back inside the range. Technical Indicators suggest the uptrend momentum of LINK coin. RSI is at 62 and is preparing to enter the overbought territory. 

Technical Levels

Support Levels: $6.70 and $6.20

Resistance Levels: $8.00 and $10.00

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.     

Saurav Bhattacharjee
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