Chainlink (LINK) is showing new signs of strength as market action indicates the possibility of an upward trend. Technical analysis suggests that there may be even more gains for the cryptocurrency if the dominance over the market by Bitcoin reduces.
At the time of writing, Chainlink (LINK) is trading at $14.03, with a 24-hour trading volume of $952.26 million and a market capitalization of $9.95 billion. The token has gained 6.24% over the last 24 hours, signaling renewed interest in the market.
Chainlink (LINK) Charts Indicate Bullish Trend
Crypto analyst CRYPROWZRD shared a daily technical analysis for LINK, pointing out that the token ended the day in a bullish fashion. However, according to the analyst, more gains can be achieved, with LINK/BTC leading the way. “I will be keeping an eye out for intraday charts tomorrow for the next possible opportunity,” the analyst explained.
LINK and LINK/BTC have had positive closes on their daily charts. Analysts believe that the LINK/BTC market will have an upward rally as the Bitcoin Dominance index relaxes, which may lead the LINK market to its next rally. There could be a faster rally above the resistance level of $30 after the breakout above the level of $16.00.
Chainlink (LINK) Intraday Shows Short-Term
Analyzing the intraday charts, LINK had some volatility and a double top formation. This is a possible pullback in the short term with Bitcoin. The overall forecast, however, is positive, and a rise in prices is expected from the current levels.
The analyst will monitor lower time frame charts for trading opportunities and track Bitcoin for any large changes due to news and market events.
Also Read | Chainlink Builds Rebound Setup, Targets $15 Upside
Chainlink Weekly Momentum Tries to Stabilize
RSI on the weekly chart is close to 44 levels, just below the midpoint of 50, with weak and stabilizing momentum as opposed to strong sell pressure. The price is seen at $14.03 with the MA Ribbon below it, where the important moving averages are at $16.23-16.66 levels, acting as a barrier. This indicates that the price of LINK is attempting to build a base.
In the MACD analysis, it can be noted that the MACD is still in the negative region with values of about -0.37, while the signal line is about -1.08. The histogram is still red but decreasing in size, which indicates that the momentum in the negative direction is slowly decreasing.
Also Read | Chainlink (LINK) Eyes $30 Target as ETF Approval Sparks Renewed Demand
