1 Chainlink price surged 20% and gave a breakout of the $8.00 hurdle. 2 LINK price gave a breakout at the 200-day EMA and showed signs of a bullish trend reversal. 3 Chainlink price prediction remains bullish and suggests a significant increase in the value is possible in the fut...
- 1 Chainlink price surged 20% and gave a breakout of the $8.00 hurdle.
- 2 LINK price gave a breakout at the 200-day EMA and showed signs of a bullish trend reversal.
- 3 Chainlink price prediction remains bullish and suggests a significant increase in the value is possible in the future.
Chainlink price surged 20% in the previous trading session and gave a breakout of the $8.00 hurdle level. It formed a strong bullish candle and created a sense of positivity for its long-term investors.
LINK price managed to climb above the 50 and 200-day EMA. It indicates the short-term as well as positional trend has reversed in favor of bulls. However, the price is near the supply zone and buyers are facing difficulty to give the follow-up momentum.
Chainlink crypto price is stuck inside the wide range between $5.00 to $10.00. Previously, buyers tried multiple times to break the higher range and expand upward but got rejected. It shows the sellers’ dominance in the supply zone.
In mid-June 2023, Chainlink’s crypto price took support near $5.00 and began to consolidate. Slowly and steadily, the prices began to recover by forming higher highs and showed a surprising rally.
Chainlink price is trading at $8.190 with an intraday decline of -2.05%. The 24-hour volume to market cap is 35.34%. The LINK/BTC pair is also in recovery mode and trading at 0.0002711 with an intraday decline of -3.39%.
Is Chainlink Price Preparing for a Massive Rally?
Chainlink price prediction favors the bulls and suggests a significant rise is possible in the long run.
LINK crypto also witnessed a sudden rise in the buying volume and prices also followed the same direction. It indicates that some genuine investors might have turned bullish and accumulated the crypto at a cheap price.
The recent surge in LINK price looks reliable and buyers are likely to hold the higher levels. Till Chainlink price sustains above both the EMAs, the trend will remain up. Any short-term retracement is expected to bounce back from support.
The technical analysis suggests, if the Chainlink price holds the $8.00 level, then the probability of continuing the rally will increase.
Is the LINK Price Overbought?
LINK price formed a bullish engulfing candle on the weekly time frame. Buyers are preparing for another attempt to break the $10.00 hurdle.
The MACD curve is rising upward and displays a fresh positive crossover. It indicates bulls are returning back on track and upward momentum might continue. The RSI at 70 is near the overbought territory which might become a matter of concern for bullish traders.
Conclusion
Chainlink price surged 20% and displayed signs of a bullish trend reversal. The recent surge in LINK price looks reliable and the probability of a $10.00 breakout is high.
The technical analysis suggests: if LINK crypto holds $8.00, then more upward momentum is possible.
Technical Levels
- Resistance levels: $9.000 and $10.000
- Support levels: $6.000 and $5.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.