Chainlink (LINK/USD) Achieves Price Stabilization Above $11.00
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more
After Chainlink’s market experienced notable upward momentum, breaking free from a prolonged stalemate that had persisted for an extended period, it successfully entered the $11.00 price range. Initially, it surged towards the $12.00 price level but subsequently retraced, eventually finding support above the $11.00 price threshold. Should the bulls maintain their position at this level, they can sustain the trend and potentially attain higher price levels.
Chainlink Market Data
- LINK/USD Price Now: $11.184
- LINK/USD Market Cap: $6,228,197,008
- LINK/USD Circulating Supply: 556,849,970 LINK
- LINK/USD Total Supply: 1,000,000,000 LINK
- LINK/USD CoinMarketCap Ranking: #12
Key Levels
- Resistance: $12.00, $13.00, and $14.00.
- Support: $8.00, $7.00, and $6.50.
Chainlink Price Forecast: Analyzing the Indicators
When assessing the market through the lens of trading volume indicators, it becomes evident that the Chainlink market is experiencing a substantial influx of activity, propelling the price upward. Typically, such a robust market upswing would prompt a noteworthy bearish response; however, traders are holding bullish positions, mitigating a strong bearish reaction even after the market reached the high of $11.789.
The Bollinger Bands are exhibiting pronounced divergence, with the upper band showing greater divergence than the lower band. This signifies a highly active bull market. The significant divergence in the bands also indicates heightened volatility, which could potentially embolden the bears. Consequently, a price retracement at this juncture could carry significant implications, possibly eroding the bullish momentum since the current bull market is particularly robust.
Nonetheless, if the bulls manage to uphold their newfound support level above the $11.00 price mark, the bullish trend may endure.
LINK/USD 4-Hour Chart Outlook
Analyzing the Chainlink 4-hour timeframe, it is evident that the bulls are successfully maintaining their position at the $11.00 price level. The market’s price oscillation range is narrowing, with the Bollinger Bands converging around it, creating a tight price channel. The decreasing volatility level indicates a consolidation phase, reinforcing the stability of the $11.00 price level.
Should the price action remain above the 20-day moving average while the bands continue to converge, there is potential for an upward breakout, allowing the uptrend to persist.
