- The 24-hour trading volume of the LINK token price has increased by 20.42%.
- LINK token price has given a breakout from the $18.36 resistance level.
Chainlink (LINK) enables universally connected smart contracts through a decentralized oracle network. It allows blockchain to securely interact with external data feeds, events, and payment methods. Founded in 2017, Sergey Nazarov is a co-founder and CEO at Chainlink Labs. The network is secured by the proof-of-stake (PoS) consensus mechanism as an ERC-20 token on Ethereum.
The Overall Return of the LINK Token Price is At 81.41%
The LINK token price has consolidated for a long time from May 2022 to September 2023 at the $4.85 support level. This level has become a major support and an attractive point for crypto buyers due to the year-long consolidation.
Subsequently, LINK moved upward from the $4.85 support level in June 2023. The buyers on the other side were intrigued by that rally and they started taking long positions on the $5.79 demand level.
As a result, the token price has surged 118% to the $12.61 resistance level. Afterward, the price consolidated between the $16.63 and $12.61 levels and end forming a trendline below. On February 1, 2023, the upper level of $16.63 was broken by the huge volume.
The $16.63 support level can play an important role in continuing the LINK token price rally. The all-time high price of the LINK token exists at $52.88 and the current market price is performing 63.35% below it.
Technical Analysis of the LINK Token Price
The LINK token price is moving above the 50-Day and the 200-Day EMAs reflecting a bullish trend. Previously both the EMAs had a bullish crossover with each other confirming a positive rally. The 50-Day EMA is at the $17.22 level and the 200-Day EMA is at the $13.12 level.
The current market price has given a breakout of the $18.36 resistance level. It formed several candles on that resistance reflecting the decisional exchange between buyers and sellers. However, it formed four bullish candles and reached the $20.86 level.
The LINK token price is getting bearish reactions from the $20.86 level and is currently trading at the $19.61 level. Chainlink price is waiting for a bullish correction on the $16.63 support level then it will proceed with its bullish rally toward the $26.97 resistance.
The relative strength index (RSI) is showing a bearish divergence in the LINK token price momentum. It could be an indication of an upcoming correction. The RSI is sloping from the overbought region toward the 50-mark middle band.
Conclusion
Lastly, the LINK token price has been performing in an uptrend since September 2023. It has also given positive returns since the initial token offering (ITO). The current bullish rally is moving above both the EMAs and followed a long-lasting trendline reflecting strength.
Technical Levels
- Resistance Levels: $20.86 and $26.97
- Support Levels: $16.63 and $11.36
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 stocks comes with a risk of financial loss.