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- Chainlink crypto price has surged by 29% in the past 5 days.
- The 24-hour trading volume has decreased by 46%.
At the key support level of $13, the Chainlink price formed a triple bottom and performed well. The price of LINK has been rising since the middle of 2023, and in March, it hit a 52-week high of $22.86. Near the $22 barrier, the bullish trend discontinued, and selling pressure was evident.
The price of Chainlink has fluctuated between $13 and $17 since November. In just five days, the price broke through the $13 level and reached the $17 level, demonstrating the strength of the bulls.
At press time, the Chainlink crypto price traded at $16.65, which gained 2.01% in an intraday session. The market capitalization is $9.73 Billion, and the 24-hour trading volume is $448.63 Million.
The circulating supply is 587,099,970 LINK, and the fully diluted supply is $16.57 Billion, and the total and the maximum supply are 1,000,000,000 LINK.
Chainlink Price to Approach $20 Soon?
$LINK goes to $20 if it can break past this $16 mark IMO.
— Altcoin Sherpa (@AltcoinSherpa) May 18, 2024
still wouldnt personally buy here tho pic.twitter.com/0Yf54iyZxx
Based on the source on X, the Chainlink price is consolidating in a weekly channel. If the price erupts from the channel ,then the price may approach the $20 mark.
Chainlink Price Formed a Triple-Bottom Pattern; Price to Soar Soon?
During the daily time frame, the LINK crypto price formed a triple-bottom pattern, and strong buying pressure was witnessed. The digital asset price has declined for the past few months by forming lower lows and lower highs. Currently, the buyers have shown strength and surpassed the 200-day EAM.
Suppose the price manages to sustain over the 200-day EMA, buying momentum for the short term can be expected. If the other matrixes support the bullish momentum ,, the price may perform positively for the long term.
On the other hand, if the price slips below the 200-day EMA and trading volume decreases ,then the LINK price may melt to the major support level of $13.
Price vs. Volume Analysis
According to the given data, the Chainlink crypto price was pumped by more than 700% in a week, leading to a strong bullish trend. At the time of writing, the price tried to sustain the high but the trading volume has dropped by around 50%. The fall in trading volume may leave a negative impact on the price.
Conclusion
Chainlink price has shown significant upward movement, reaching key resistance levels and forming bullish patterns. However, it is important to monitor the trading volume and the sustainability of the bullish momentum. is important If the price breaks past the $16 mark and sustains the bullish trend, it may approach the $20 mark.
Conversely, a decrease in trading volume and a drop below the 200-day EMA could lead to a potential decline towards the major support level of $13. Monitoring these factors will be crucial in assessing the future price movements of Chainlink.
Technical Levels
The level of $13 is working as a major support level, and another support level would be $10.90. The bullish trend may disturb near the $18 and $21.75 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.
