Chainlink [LINK] has been leading the DeFi token troupe amidst the rally amassing weekly gains of more than 36%. Despite experiencing a few bumps along the way, the LINK token has sailed past several crucial resistance points. Moreover, LINK appeared to be highly bullish as it approached to break the previously established ATH.
After registering 6.28% appreciation over the last 24-hours, Chainlink [LINK] climbed to the 9th spot and was valued at $17.10. At the time of writing, the token held a market cap of $6.83 billion and a 24-hour trading volume of $2.95 billion.
Chainlink [LINK] Daily Chart
Chainlink crossed a major hurdle and was hovering quite close to it. The price shoot up has turned several critical resistances into support points for the coin’s price.
The 50 DMA [Pink] slid below the LINK price candles as it accommodated the bullish swing and along with the 200 DMA [Purple] formed firm support levels resisting a downside correction for the asset’s price. There is not much resistance from the current price to its ATH hence if the bullish momentum persists, there is a very good chance for the coin to reclaim the top and soar higher.
Technical Outlook
The OBV indicator was laying low. According to the above chart, the OBV showed a minor spike in buying volume over the past couple of days as the uptrend began to unfold.
The Stochastic RSI appeared to undergo a bullish crossover a little below the overbought zone depicting another move to the upside. As trading volume picked up, the RSI also surged well above the 50-median line demonstrating a sentiment of high buying pressure among the investors in the coin market.
Chainlink’s support levels were found at $14.48 and $13.27. A move beneath the latter could cause great damage. However, as indicated by the technicals above, despite the price being in a tight range, a top is yet to form, and a correction below the second support area is highly unlikely.
In fact, with the rising price, the bulls were now aiming for the next resistance at $19.18.