Will LINK Crypto Surprise By Hitting The Mark Of $20 Again?

• LINK crypto has given a return of 40% in the last one month.
• Chainlink is a Web3 category crypto that operates on ERC-20 token standards.

As per Coingecko, the current market cap rank of the crypto is 13th resulting in a market cap of $6.375B. The market cap dominance of the LINK crypto is 0.486% and the resulting volume/market cap ratio is 0.1487. 

The volume of the LINK crypto has also advanced by 61.45% in the last 24 hours resulting in $838.51M. This results in a volume ranking of #8 as per Coinmarketcap. The current volume/market cap ratio of the crypto is 12.96%. The resulting circulating supply of the crypto is 556.849M LINK. 

The fully diluted market cap followed by the Chainlink is $11.44B. The total supply for the LINK crypto is 1.0B LINK. The all-time high price reported for the crypto is $52.70 and the coin has declined by 78% since then.

LINK Derivatives Analysis

The derivatives volume for the LINK crypto has advanced by 52% in the last 24 hours resulting in a decline of 0.20% in the open interest. The short liquidation of the crypto is higher as compared to the long liquidation.

LINK Crypto Technical Analysis

a by writer11_gsm on TradingView.com

The LINK crypto has been consistently making dynamic highs and lows leading to the formation of the falling wedge pattern and hitting multiple touches on the dynamic trendlines.

The LINK crypto has recently broken out above the pattern and is advancing with very high momentum. Crypto is consistently forming bullish candles witnessing buyers’ dominance. 

The EMAs for the LINK crypto are bullish on the charts. The crypto price has advanced above both the EMAs. The 50-day and the 200-day EMA are also trading in a golden cross.

The RSI has advanced above the overbought zones and has hit the level of 77.94. It also has broken out above the 14-day SMA line.

Conclusion

The LINK crypto may continue to advance to higher levels as it has broken out above a lengthy consolidation. The technical indicators like the EMA and the RSI are also giving a buy signal. Thus, we might get to see higher levels in the LINK crypto in the upcoming days.

Technical Levels 

• Support levels– $5.05 and $7.070
• Resistance levels– $18.10 and $27.600

Disclaimer

The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.