Chainlink Trends In The Green Zone, Will A Rally Follow?
26 Abril 2023 - 9:18AM
NEWSBTC
Chainlink LINK is trading in the green today, up by over 4%, as the
general market shakes off the bearish trend. It experienced a price
drop from $8.8784 on April 18, 2023, to $7.7704 on April 19, and
its trading volume is down by over 4% in the last 24 hours.
Chainlink’s ecosystem rolled out new developmental trends and
innovative partnerships. Its recent integration with the Celo
ecosystem will create a framework for launching Chainlink oracles
on Celo and the seamless creation of decentralized
applications. The price pullback in April hinted at the
possibility of a bear market. However, the signs are positive today
for LINK as its gains in the market. Crypto Market Rally Evident In
LINK’s Price Action According to CoinMarketCap data, the global
crypto market capitalization is up by $3.58% in 24 hours. Also, the
total crypto market volume is $41.50 billion, a significant
increase of 15.94. Bitcoin’s dominance has significantly
increased in the past 24 hours. Notably, most altcoins correlate to
Bitcoin’s price. The general crypto market outlook improved as it
shows signs of recovery today. Related Reading: Solana (SOL)
Plunges Over 13% – Will It Bounce Back? However, the sustainability
of the present positive trend largely depends on market forces and
investor sentiments. LINK’s current price action indicates the
possibility of a rally ahead. A closer look at its performance will
provide vital answers. Chainlink Pivots At The 200-day SMA,
Are We In A Bull Run? LINK is in an uptrend on the daily chart. It
is building on its gains yesterday to halt the bearish trend. It
bounced off the 200-day Simple Moving Average (SMA) yesterday
to begin its recovery. LINK is currently above its 50-day and
200-day SMA, with bullish sentiment in the short and long term. Its
Relative Strength Index (RSI) is 48.32, in the neutral zone and
moving upwards. It implies that the asset will likely experience
further price increases if the bulls sustain the current rally.
LINK’s Moving Average Convergence/Divergence (MACD) is still below
its signal line and showing a negative value. The indicator
reflects the bearish pressure on the asset in the past week.
Related Reading: Solana (SOL) Rebounding After A Major Drop, Will
It Recover Previous Losses? However, the histogram bars are faint,
suggesting a possible trend reversal ahead. Despite the current
price increase, further confirmation is vital to determine if a
bull run is underway. LINK found support at the $6.947 price level,
with $5.9 and $6.75 being other critical support levels upholding
its price. However, its nearest resistance level, $7.456, is vital
to its trend direction. A break above this level will confirm that
LINK has moved into an uptrend. Other key resistance levels are
$7.735, $8.397, and $8.48. LINK will likely break the $7.456
resistance in the coming days if the bulls sustain their charge.
Featured image from Pixabay and chart from Tradingview
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