- Chainlink crypto price has gained 18% in a week.
- Currently, the LINK price and 20-day and 200-day EMAs intersected each other.
The Chainlink price was in a consolidation phase in 2022 and 2023, but buyers led to a breakout in October 2023. LINK price gained 165% till March, but the price still needs to reach the $22 mark. Recently, the price has dropped to the significant support level of $12.50 and bounced back to the 200-day exponential moving average.
According to the technical chart, the price failed to hold the top and fell due to trendline resistance. The price is heading for the trendline and about to surpass the 200-day exponential moving average.
Chainlink’s price is trading at $15.46, which has increased by 1.94% in the past 24 hours. The circulating supply is 587,099,970 LINK, and the total is 1,000,000,000 LINK. The current market cap is $9.08 Billion, and the trading volume is $271.158 Million.
Price vs. Volume vs. Market Cap Analysis
Market capitalization has increased since the beginning of 2024, along with price. However, over the last two weeks, a fall was recorded. Moreover, the trading volume has dropped by 65% in the past 2 weeks and is down by 50% in 4 days.
LINK Crypto Daily Active Addresses and Twitter (X) Followers Analysis
The graph of X (formerly Twitter) followers has witnessed a continuous elevation, which shows that the number of followers on X has increased. However, the number of top whales addresses has decreased, which means whales are weak, and the price may decline further.
Chainlink Price Technical Analysis Over Daily Timeframe
Chainlink’s price is mildly weak after a bullish momentum. It shows that the price still needs to sustain the $22 mark, and profit booking has been detected. Per the technical chart, the price had been dumped by 30% but was trying to recover.
If the LINK price surpasses the 200-day EMA, it may approach the trendline. The recent trend is bearish, it may face resistance from the trendline. If the asset price faces resistance from the trendline and slips below the 200-day EMA, it fell, facing resistance from the trendline.
On the other hand, if the LINK crypto price starts trading over the trendline and sustains, buying momentum can be detected. Suppose the digital asset price holds the $18 mark, and then it may record a new all-time high.
MACD has generated a golden crossover below the zero line. The histogram has been converted to green, showcasing the bullish forecast. LINK crypto price is trading below the significant moving averages, highlighting sellers’ dominance.
Conclusion
Chainlink price is currently showing rejection and facing resistance from the trendline. The market cap, price, and trading volume have decreased for the last two weeks, which may indicate a bearish trend. However, the continuous increase in X followers may result in buying momentum if the price manages to sustain above the trendline and hold the $18 mark. It is important to keep an eye on the top whales’ addresses and the 200-day exponential moving average to determine the future direction of the LINK crypto price.
Technical Levels
Resistance Levels: $17.00 & $20.00
Support Levels: $13.00 & $14.50
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.