Chainlink [LINK] just hit a new all-time high above $25 as it amassed weekly gains of 17.78%. The latest fresh ATH comes after LINK hitting a peak of $21 on the 15th of January, only to crash by 20% a couple of hours later. The progression was quick as the crypto-asset jumped from $22 to $23 on Monday and Tuesday before reclaiming the top.
Despite minor retracement, the seventh-largest coin’s fundamentals were found to be very bullish.
A rise of 3.22% over the past 24-hours took Chainlink’s [LINK] price to $24.11. At the time of writing, the token registered a market cap of $9.78 billion and a 24-hour trading volume of $5.43 billion, at the time of writing.
Chainlink [LINK] Daily Chart:
Chainlink [LINK] has managed to maintain the uptrend as its price continued to march higher. Closely mimicking the positive price action, the moving averages also followed a parabolic-like route.
Minor signs of convergence of the 50 DMA [Pink] and the 100 DMA [Blue] were invalidated following LINK’s subsequent price ATHs. The two moving averages along with the 200 DMA [Purple] continued to support the candlestick arrangement from downside correction.
Chainlink’s [LINK] upward momentum flipped the MACD to a strong bullish zone above zero after hints of a bearish crossover following a minor correction. The Stochastic RSI was also in the safe territory and is yet to reach the overbought zone potentially depicting that the coin’s uptrend is not done yet.
Contradicting the bullish argument was the RSI which was also well above the 50 median line but formed a bearish divergence creating an overbought reading followed by a lower high that matched corresponding higher highs on the price. Apart from this, there was no indication of a greater dip for LINK.
Hence, Chainlink would need to hold its fort above its resistance-turned-support of $23.32-level to aim for bigger upsides in the coming days. Failing to hold would trigger a decline to $20.13 and $16.9 respectively.
Its immediate resistance level was found to be at $25.