- Chainlink (LINK) shows positive price movement, but its trading volume has significantly dropped.
- Despite lower trading volume, LINK has seen a steady price increase over the past week.
- A breakout from LINK’s symmetrical triangle is needed to set its next price direction.
Chainlink (LINK) is currently trading at $17.89, increasing by 1.41% within the past 24 hours. Despite this growth, the trading volume has decreased by 18.64%, and it currently stands at $544.33 million. The decrease in volume suggests a reduced level of activity in the market, even though the price of LINK has experienced a positive change.
Source: CoinMarketCap
In the last week, the LINK price has risen by 6.31%, indicating a consistent increase in the upward direction. A decline in the trading volume is still observed, but the price is on the rise, which is indicating that investors are still optimistic. Despite the drop in volume, the market continues to favor cryptocurrency.
LINK Eyes $20 Resistance with Bullish Momentum
Crypto analyst CryptoWZRD highlighted that LINK and LINKBTC both ended in the green. To overcome the barrier of $20, cryptocurrency will require further bullish movement. Breaking the resistance of $18.85 would indicate a good buying point, and it may continue rising further as long as the price keeps going up.
Source: X
Moreover, another analyst, CryptoPulse, mentioned that LINK is currently in a symmetrical triangle. This trend is an expression of hesitation on the part of buyers and sellers, where neither party has the advantage of having complete control. The market seems to be in a waiting period as both parties strategize the next step.
The next breakout will most probably set the direction of the token. If cryptocurrency rises to the break, the price might be driven to the $20 level of resistance. Conversely, a drop below support can result in a retest at the level of $15.8, which can indicate the change in the market sentiment.
Source: X
Also Read: XRP Chart Recreates 2017 Rally Zone as Bulls Aim for $3.5 in Q4 2025
RSI and MACD Suggest Consolidation Phase for LINK
The Relative Strength Index (RSI) stands at 43.24, which denotes a neutral market sentiment. This implies that the token is not overbought or oversold. The RSI stands at less than 50, indicating that digital currency is at the stage of being range-bound, and more consolidation is anticipated among traders.
Source: TradingView
The Moving Average Convergence Divergence (MACD) gives conflicting signals. The MACD line stands at 0.078, and the signal line stands at -1.164. The MACD histogram remains green, indicating buying pressure. A cross above the line would indicate a stronger upward trend, however, the market is not yet certain.
The price of cryptocurrency is performing positively with poor trading volume. The ability of the token to cross the $18.85 resistance line will dictate its next course of action. An effective breakout may take the price to the level of $20, indicating more bullish movement. Before making any significant decision, traders are advised to be wary and keep an eye on the market for any strong indications.
Also Read: SEI Eyes $0.215 as Technical Indicators Flash Buy Alert
