The altcoin market continued to follow Bitcoin’s price action with Chainlink becoming one of the biggest weekly gainers. After its bull run this week, the cryptocurrency market has settled into a steady price movement interspersed with red and green signals.
LINK’s performance in the last few months propelled it into the top 20 club as other mainstream coins fell off. At press time, Chainlink was trading for $19.04 with a total market cap of $8.4 billion. A weekly gain of 26 percent allowed its daily trading volume to climb to a respectable $880.56 million. An analysis of the charts showed that only Bitcoin and Wrapped Bitcoin had a better performing week.
Chainlink 1 hour:
The hourly support clocked in at $17.7 as the bear cut short any chance of new resistance creation. According to the Bollinger bands, the cryptocurrency had settled into a stagnant price movement with a lack of any major breakout.
The RSI and the CMF displayed similar movements as the graphs peaked above the zero line. LINK’s positive RSI meant that the buying pressure had overtaken the selling pressure. The number of fluctuations on the RSI was indicative of the importance of price on sentiment.
As more people buy LINK, the capital coming into the market also increases. This was verified by the CMF as the graph peaked above the zero line for the first time in 36 hours.
Chainlink 1 day:
LINK’s Bollinger band movement was similar to the hourly charts as the upper and lower band moved parallel to each other. The cryptocurrency’s recent fall had caused it to almost touch its long-term resistance of $12.4.
Daily RSI had climbed sharply in mid-July with a small downturn indicating a decrease in momentum. The buying pressure was still strong with more users entering the ecosystem. Long-term CMF was the only clearly bearish indicator as the graph stayed below the zero line. A decrease in price could be imminent because of the increase in capital leaving the Chainlink market.