- Chainlink is currently trading in the $16 range.
- LINK’s trading volume is down by more than 22%.
Over this August, the Chainlink market has recorded a gain of over 26%. As of today, LINK has briefly spiked by over 1.73%. While looking at the crypto market, the assets are slightly waving the green flag, with the largest assets like Bitcoin (BTC) and Ethereum (ETH), hovering at crucial $114.7K and $3.6K marks.
The Ali chart shows LINK is trading within a long-term ascending channel. As long as the $13 support level holds, the structure remains bullish. The upper boundary projects a potential target near $46. Also, a breakdown could generally invalidate the bullish outlook of the asset.
Zooming in on the price pattern of LINK, the price may climb high with the bullish support. If the hurdles are breached, the asset could kick off the rally to trade above $20. In the early hours, Chainlink traded at around a low of $16.27. Later, the price rose toward a high of $16.88, with the bullish shadow.
As of the CMC data, at the time of writing, Chainlink trades at around $16.78, with the market cap reaching $11.41 billion. Besides, the daily trading volume of the asset has plummeted by 22.52%, touching $372 million. The Coinglass data reports that the market has seen a 24-hour liquidation of 374.74K worth of LINK.
Will the Bulls Pull Chainlink Out of the Shadows?
A steady upside correction of Chainlink might push its price to test the nearest resistance range at $16.84. Assuming the altcoin holds this price level stable, it could find the subsequent resistance above $16.90. On the downside, the LINK’s bears could trigger the price to its support level at $16.72. A potent decline below this zone might push the asset to sharply slide toward $16.66 or likely even lower.
Chainlink’s Moving Average Convergence Divergence (MACD) line is briefly above the zero line, but the signal line remains below. This crossover suggests a mild bullish shift within the bearish trend. It can be an early sign of a potential reversal. Moreover, the Chaikin Money Flow (CMF) indicator value at 0.00 indicates a balance between buying and selling pressure in the market. Also, hints at the LINK market may be in a consolidation phase.
In addition, the ongoing market sentiment of the asset is mildly bullish, with the daily Relative Strength Index (RSI) found at 53.60. The asset is in a healthy, non-overbought zone, with room to move in either direction. Chainlink’s Bull Bear Power (BBP) reading of 0.21 is positive, showing that the bulls are dominant over bears. If the value rises, the bullish momentum would get stronger.
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