Chainlink (LINK) is showing early bullish signs today as it faces key resistance levels in the crypto space. Investors are paying close attention to LINK’s movements past the $9.55 support, targeting a run towards $10.20. Declines in Bitcoin Dominance (BTC.D) are also expected to boost the altcoin.
At the time of writing, Chainlink (LINK) is trading at $9.81, with a 24-hour trading volume of $456.39 million and a market capitalization of $6.97 billion. Over the last 24 hours, LINK has seen a modest increase of 0.64%, signaling cautious optimism in the market.
Chainlink Builds Momentum Amid Resistance
On March 18, CRYPTOWZRD, a crypto analyst, noted that Chainlink is still experiencing resistance at key points. Since it is trading above its daily lower high, it has the possibility of gaining traction if the $9.55 level is maintained as support, leading to a reversal. The next resistance is at $10.20, with the possibility of reaching $12.00 if the coin gains traction.
The daily charts for the LINK and the LINK/BTC pair closed indecisively, and the formation of a strong bullish daily candle is necessary to confirm the momentum. Holding support above the $9.50 level is seen as positive, and breaking the daily lower high trendline would be beneficial for the bulls.
The price action in the short term is volatile. The price may rise after a pullback at $9.55, reaching $10.20 or more, or it may fall below this support, leading to unpredictable price action. The levels should be closely monitored by investors as potential entry points.
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Technical Indicators Highlight Growing Momentum
LINK’s buying strength is increasing. The RSI is at 60.67, well above the daily average of 51.69. The 20-day SMA is at $9.08, the 50-day SMA is at $9.07, with the 100-day and 200-day SMAs at $11.00 and $14.69, respectively, acting as resistance.
The MACD is showing a bullish crossover, with the MACD line at 0.14936, well above the signal line at 0.13478, with the histogram at 0.01457.
Overall, LINK is displaying early signs of strength, trading in a bullish area above $9.50. Breaking through resistance levels could mean that LINK is set to rise even more, but it is still important to monitor the support levels.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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