The whole cryptocurrency market has seen some improvement. Excellent traction has been shown by Bitcoin (BTC), which is also growing and pushing the market higher. Chainlink (LINK) is displaying indications of strength, and the price has been rising as a result. (According to data from Binance)
Examination Of the Weekly Chainlink (LINK) Price Chart
Many alternative cryptocurrencies have been registering increases of more than 200%. Over the last seven trade days, this has been occurring. Many have concluded that the cryptocurrency market may soon see an increase in optimism.
There have been some indications of doubt at the start of the new week. However, some alternative cryptocurrencies are beginning to take form and appear more promising.
BAND, for instance, has increased more than 100% in the last 24 hours, indicating price action and volume for purchase orders. Likewise, the price of LINK has left its long-term accumulation zone in an attempt to leap higher.
Sell orders for LINK in the $7.6 range are on hold. Nevertheless, these two instances are encouraging signs for the market’s future.
To achieve a rally that has many people in ecstasy, the price of LINK has faced a significant fight. This came after it dropped from its recent high of $50. But this revival has been successful and has made many people happy.
The price of LINK dropped to $6 on the weekly chart. From this area, the cost immediately recouped, returning to the $8 range. After this, it slides back into a rejection of $7.3, which its price is currently trading. The price began to rise as it formed a range while accumulating.
The LINK Price Weekly Resistance Is At $9.5-$10.8
The Daily (1D) Price Chart Analysis of LINK
LINK/USDT Price Chart. TradingView
The daily chart for LINK shows that the asset’s price is well. The price reached $8.4 after breaking out of its long-term accumulation price trend. The price is aiming to climb to a daily high of $12, but a significant barrier may prevent it from breaking higher.
The price of LINK is now trading at $8.3 above the 50-day exponential moving average (EMA). This is a good indicator of the cost of LINK for the short term. The $7.3 represents the LINK levels that the 50 EMA supports.
Daily, the price of LINK meets resistance between $9 and $10.5. The $7.3 daily support is the price of LINK.