Chainlink (LINK/USD) Maintains Strong Bullish Momentum
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Chainlink has maintained an upward trajectory since breaking out of its consolidation phase near the $13.00 level in early July. The rally met resistance around the $20.00 mark on July 21, prompting profit-taking that drove prices down to establish support near $16.00. In August, renewed bullish momentum pushed the price back to the $20.00 level, and today’s market performance indicates that buyers remain firmly in control.
Chainlink (LINK/USD) Market Data
- LINK/USD Price Now: $23.7
- LINK/USD Market Cap: $16 billion
- LINK/USD Circulating Supply: 678 million LINK
- LINK/USD Total Supply: 1 billion LINK
- LINK/USD CoinMarketCap Ranking: #11
Key Levels
- Resistance: $24.00, $25.00, and $26.00
- Support: $16.00, $15.00, and $14.00
Chainlink (LINK/USD) Daily Chart Shows Elevated Volatility Amid Bullish Control
Between late July and early August, Chainlink’s price action has been notably dynamic, with market volatility surging significantly. This heightened activity is reflected in the widened Bollinger Bands, accommodating substantial price swings. In today’s trading session, bullish momentum has dominated, further adding to volatility.
While high price levels would typically invite bearish pressure, the bulls have shown remarkable resilience during this rally. Beyond the $20.00 mark, a new higher support has emerged around $20.80, as the price continues its push toward the $24.00 level. However, with the RSI nearing overbought territory and Bollinger Bands remaining substantially wide, many traders and analysts anticipate a potential pullback toward $20.80 for a healthy correction before any continuation of the uptrend.
LINK/USD 4-Hour Chart: Bullish Momentum Meets Market Stalemate
Earlier today, Chainlink experienced a sharp price surge, driven by strong bullish momentum that propelled the market significantly higher. Typically, such rapid gains invite a corrective pullback. However, in this case, bullish sentiment remains strong, directly opposing bearish pressure and creating a standoff at elevated price levels.
With trading volume showing a notable decline, the market may be poised to enter a consolidation phase around the $23.00 level as participants await a decisive breakout or reversal.
