Volume Surged by 225% in 24 Hours: What’s Cooking in Chainlink?

• Chainlink price has risen by 30% in the past 3 days. 
• The LINK crypto price has exceeded the 200-day EMA with strong buying momentum.

Since November, the Chainlink price has been struggling between the $13 and $17 levels. The price has taken support on the $13 mark and jumped to the $17 mark in just 3 days, which shows the bulls’ strength.

The asset price has formed a triple bottom price on the major support level of $13 and performed positively. Since mid-2023, the LINK price has been bullish and reached a 52-week high of $22.86 in March. The bullish trend was interrupted near the $22 hurdle, and selling pressure was seen.

The Chainlink price traded at $16.64 at press time, surging by 7.22% in the past 24 hours. The market capitalization is $9.76 Billion and has increased by 20% in the last 24 hours. The 24-hour trading volume is $1.17 Billion, and according to the volume, it ranks 14th in the cryptocurrency market.

Chainlink Price in Uptrend: Will It Regain the $30 Mark Soon?

According to the technical chart, the Chainlink price has been struggling in a parallel channel. It triggered a breakout from the channel in the first week of February and tried to hold. However, it could not sustain itself for a longer time and slipped back into the channel. 

At the time of writing, the LINK crypto price has extended to the major resistance level of $17. If the price triggers a breakout from the channel and trading volume increases, it may gain bullish momentum. Suppose the chart structure attracts investors; it may approach an all-time high.

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On the other hand, if the Chainlink price faces resistance from the $17 mark, it may consolidate for some more time. If the price slips below the parallel channel and sustains, then most investors may prefer to book profit. Profit booking on a higher level can lead to strong selling pressure.

Turning to the technical indicators, the Linkchain crypto price traded over the key moving average, indicating a bullish forecast. MACD is continuously forming green histograms, and the golden crossover has been generated between the MACD and the signal line.

Price vs. Volume Analysis

The trading volume has increased by more than 100% in the past 4 days, which led to bullish momentum. Since April, the trading volume has decreased violently, and the price has remained bearish.

Chainlink Influence on Global Finance

The largest financial institutions in the world are working with #Chainlink to bring capital markets onchain and access the tokenized asset economy.

How Chainlink is transforming global finance

— Chainlink (@chainlink) May 16, 2024

The world’s largest financial institutions are working with Chainlink to bring the capital market onchain. 

Conclusion

The cryptocurrency seems to be experiencing significant activity and attention within the market. The recent surge in trading volume and price movement indicates a potential bullish momentum for Chainlink. 

However, keeping an eye on key resistance levels and trading volume is essential to assess whether the bullish trend will continue. Additionally, the involvement of major financial institutions in Chainlink’s ecosystem could further influence its position in the global finance landscape. 

Technical Levels

The major support level for Chainlink crypto is $13; another level would be $8.30. The bullish trend can be interrupted near the $17 and $22 marks.

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.