Chainlink (LINK) price a layer-2 blockchain, is currently trading around key support levels showing slight bullish tendencies. Despite the ongoing struggle between bulls and bears, LINK has been experiencing a bullish trading pattern. This indicates a consolidation phase as the market attempts to stabilize.
Chainlink Price Soars as LINK Aims for Further Gains
Following the recent market recovery, most of cryptocurrencies, including LINK, show signs of a bullish trend, though challenges remain. The price action suggests that the asset is trying to regain momentum while maintaining a cautious outlook amidst the broader market environment.
At the time of writing, the LINK price hovered at $11.42, marking a modest increase of 6% over the past day. After experiencing a low of $10.66, the cryptocurrency rallied, reaching a high of $11.45. This recent uptick comes amid a fluctuating week where prices saw both significant drops and recoveries.
The daily technical indicators for the Chainlink price have seen a surge over the past few hours. The Moving Average Convergence Divergence (MACD) indicator is currently showing a bullish crossover as the MACD line (blue) is above the signal line (orange). This typically suggests that bullish momentum is currently stronger than bullish momentum.
Chainlink Price Chart| Source: TradingView
According to Coinglass data, Chainlink has experienced significant trading activity in recent sessions. The trading volume surged by 75%, reaching $402 million, while the open interest also increased by 14%, amounting to $168 million. This notable rise in both volume and open interest highlights increased investor attention and speculative interest in Chainlink market movements.
Source- Coinglass
The Chainlink price forecast faces strong resistance at the $12 level; if bullish momentum mounts more pressure, the LINK price could drive it toward $15. If bulls gain more momentum, layer one could potentially surge up to $20.
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