When Will the Link Token’s Ongoing Consolidation Phase End?

• The Link token price has surged by more than 27% in a month.
• This token’s price has been consolidating in a range for more than a year.
• The Relative Strength Index shows that the price is very close to entering an overbought trajectory.

Market Capital of the Link Token –   $4.24 Billion

The current market price of the Link token- $7.648

Link Token’s Synopsis-

In the ongoing trading session, the Link coin is trading flat with a slight decline of $0.003 or 0.04%. The price has surged by over 9% in a week and 27% in a month, indicating that the buyers have taken control of the price. However, the price has declined by over 5% in a year, showing that the bears have slightly edged over the buyers throughout the year.

The token price has been consolidating in a broader range of $9.511 and $5.304 for more than a year. It seems like the coin is forming a base at this level. The price is taking support from the previous resistance level of $4.733, which the coin created in 2019-20. Chainlink’s token has eroded its gain as its value has declined by over 84% of its high of $53.

Technical Analysis of Link Coin

The Link price is currently trading flat between the range of $9.511 and $5.304. This level is marked as resistance 2 and support 1 respectively on the chart. The price has tested the upper level thrice and the lower level more than 5 times till now. It indicates that the lower level of $5.304 is getting weak now and the level can face some difficulty to hold the price now.

LINK coin’s price tried to breach the $5.304 level once but failed to sustain below that. It quickly rebounded from the level of $4.733. The $4.733 level is marked as support 2 on the chart. If we examine the resistance for the price, it is visible at the level of $8.462 marked as resistance 1.

Expanding Bollinger Band indicates the price is more volatile now

Link price is trading along with the rising upper band of the Bollinger band Indicator. The upper band is currently present at the $7.814 level and the lower band is present at $5.502. The Bollinger band is now expanding, which signifies that the price is becoming more volatile now. This coin’s Relative Strength Index (RSI) is currently present at 67.93, which is very close to the overbought trajectory.

Conclusion

The Link coin price has been trading flat for so long and it seems that it will continue the consolidation phase ahead. The price may break the resistance level of $9.511 on the upside. On the lower side, the price can witness some good down move, when it breaks the level of $4.733. 

Technical levels

Resistance – $8.462 and $9.511

Support – $5.304 and $4.733

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 in or trading crypto assets comes with a risk of financial loss.