- The LINK coin price is trading at $6.760.
- Link coin’s price rises by 0.03% in the last 24 hours.
- The token has been traded with a volume of $262,674,150 in the 24 hours.
ChaiLink (LINK) Coin: Technical Analysis
Currently, the LINK token price is trading at $6.670 with a market capitalization of $3,751,990,276 and with an average volume of $3.388 Million.
Monitoring the price in the long term, we can see the token trading inside the parallel channel.
In March 2023, the price formed support at $5.861 and initiated a bullish rally. The price went up to $8.464 and started facing rejection from the upper trendline of the parallel channel. LINK coin’s price again fell to its $5.861 support zone.
In June 2023, the price tried to give the breakdown of $5.861. However, it faced an immediate rejection and took support from the lower trendline of the parallel channel. It then reclaimed the $5.861 support. After reclaiming the support, the price commenced a bullish rally.
The price again went toward the upper trendline of the parallel channel and faced rejection from there and fell to its $5.861 support. Currently, the price is trading above the $5.861 support zone and buyer are showing their presence above the support zone.
If the buyers show their dominance over the support zone, the price could reach $8.00 level. It can also touch the upper trendline of the parallel channel. Downtrend may continue if the token price closes below $5.861. It may fall to its next support at $5.000.
Technical Indicators About The Current Trend
The ChainLink Coin price is trading between the 50 and 200 EMAs. It indicates the indecisive nature of the price and the equal influence of buyers and sellers of price.
The relative strength index is at 62.13. The RSI line is in bullish territory. The RSI line is sloping in the upward direction indicating more room for the buyers in the upside.
The long/short ratio of the ChainLink token shows that the long position has been placed more than the short positions in the last 24 hours. The long orders are made 50.35% and short orders are made 49.65$.
Conclusion
ChainLink chart is in bullish sentiment at the time of writing. The price is sustaining above the $5.861 support zone. As long as the price is trading above the $5.861 support, it may reach the $8.000 level. However, for the price to continue its downtrend, it must close below $5.861. Thus, it may fall to its next support at $5.000.
Technical levels
Resistance levels: $8.000
Support levels: $5.861 and $ 5.000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing or trading comes with a risk of financial loss.