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- 1 LINK has a market capitalization of $8.53 Billion, and the 24-hour trading volume amounted to $377.73 Million.
- 2 Major indicators, like RSI, MACD, and EMA, suggest and portray bullish gestures regarding the LINK price.
- 3 The LINK asset is exhibiting bullish strength and rising capacity as it has taken support from $13
Chainlink (LINK) price showed that it rose from September 2023 from the level of $5.8, and after taking a halt somewhere at $13 for nearly three months, the rally made a top of $22.85 by March 11th, 2024.
The price ended up violating the uptrend thereon by making new lower lows and highs on the daily chart, where it dropped to the earlier support, where it took a halt last time.
After various attempts to rise, $LINK happened to be at the same spot, beneath the 50-day and 200-day EMA, and majorly underneath the declining trendline in the long term.
However, after the multiple surges from the crucial support, the LINK is again ready to show a recovery by rallying from a $13 key support on the daily chart.
LINK & BTC 1.D. | Source: TradingView
The market leader with dominance of 53.4% looks like it is primed to rise; the leader also influences the realm of crypto. Therefore, LINK crypto looks like it is set for a colossal surge, as it seems it is geared up to crack the resistance level up ahead and rocket to capture the lost territories once again from the current support zone.
LINK Indicator Analysis
Furthermore, the LINK asset is exhibiting bullish strength and rising capacity as it has taken support from $13 and approaches major 50-day and 200-day EMA’s to surpass them and reach near the resisting trendline.
LINK Indicators | Source: TradingView
Likewise, the LINK asset displays bullish behavior as the histogram seems to converge, which could be a trait of bullishness in the crypto. The RSI looks to be taking a u-turn from an oversold of 30, which recently flashed at 40.62, which was above 14-SMA, and looks like it is headed for the overbought territory, meaning that the asset could extend its gains, based on the investor’s and traders’ interest.
LINK Price Forecast
At press time, the Chainlink (LINK) crypto has experienced a surge of 2.74% in the last 24 hours and was trading at $13.987. The market capitalization is $8.53 Billion, and the 24-hour trading volume amounted to $377.73 Million, showing growth of 5.22% and 1.22%, respectively.
The volume-to-market cap ratio currently stands at 4.13%, which signifies weak liquidity. It shows that the market needs liquidity, and it currently shows a less stable market.
Therefore, if LINK gets a hold of good liquidity from the buyers’ side and bullishness prevails, then the nearest targets would be up to the trendline resistance, which would be $17.0 and $19.0, respectively.
However, in case the LINK fails to hold on above the multiple times tested support of $13.0, the price could deteriorate endlessly; the nearest breathing point for the LINK would be the support levels of $10.0 and $8.50, respectively.
Summary
LINK price highlights the bullish sentiments and perspectives regarding the Chainlink crypto asset in the daily time frame.
Moreover, the technical parameters of the LINK price suggest the bounceback in price to possibly come in the near future, reliant on the buyer’s surge, over the daily time frame chart.
Major reliable and trustworthy indicators, like RSI, MACD, and EMA, suggest and portray bullish gestures regarding the LINK price.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
