Chainlink Price Update

• A 6% price jump pushed Chainlink to $14.
• LINK’s daily trading volume is up by over 23%.

The brief uptick in the crypto market has driven assets into positive territory, maintaining a neutral overall market sentiment. Bitcoin (BTC), the largest asset, hovers around $108.8K, while Ethereum (ETH), the biggest altcoin, trades at $2.6K. Among altcoins, Chainlink (LINK) has recorded a 6% increase in the past 24 hours.

LINK opened the day trading at a low of $13.26. With the bullish shift in the market, the asset reached a high of $14.16, breaking important resistance levels between $13.31 and $14.11. Currently, Chainlink trades around the $14.08 mark, according to CMC data.

The asset’s market cap has hit $9.54 billion, and LINK’s daily trading volume has surged over 23.45%, reaching $360.76 million. Additionally, the market has experienced a liquidation of $822.73K in Chainlink, as reported by Coinglass data.

Will Chainlink Break Higher From Here?

Chainlink’s current upward trend might push the price higher, finding key resistance above the $13.90 range. If the asset’s bullish movement continues, strong buying pressure could trigger a golden cross, likely pushing the price towards the $14 mark.

Conversely, if LINK’s upward momentum falters, the price could drop to retest immediate support at $13.75. A steady decline below this level could lead to a death cross, possibly pushing the price down to $13.60.

LINK chart (Source: TradingView)

Technical analysis of Chainlink indicates a bullish sentiment, as the Moving Average Convergence Divergence (MACD) line crosses above the signal line, suggesting increased buying pressure and potential short-term price rises. The Chaikin Money Flow (CMF) indicator is at 0.08, indicating positive money flow into the asset, which may provide price support.

The overall market sentiment for the asset is bullish, with the daily Relative Strength Index (RSI) at 65.06, indicating upward strength and potential for further increases. Additionally, the Bull Bear Power (BBP) value of 0.50 suggests that bulls maintain slight control of the market.