Chainlink Trends In The Green Zone, Will A Rally Follow?

0 10

Chainlink LINK is trading in the green today, up by over 4%, as the general market shakes off the bearish trend. It experienced a price drop from $8.8784 on April 18, 2023, to $7.7704 on April 19, and its trading volume is down by over 4% in the last 24 hours.

Chainlink’s ecosystem rolled out new developmental trends and innovative partnerships. Its recent integration with the Celo ecosystem will create a framework for launching Chainlink oracles on Celo and the seamless creation of decentralized applications. 

The price pullback in April hinted at the possibility of a bear market. However, the signs are positive today for LINK as its gains in the market.

Crypto Market Rally Evident In LINK’s Price Action

According to CoinMarketCap data, the global crypto market capitalization is up by $3.58% in 24 hours. Also, the total crypto market volume is $41.50 billion, a significant increase of 15.94. 

Bitcoin’s dominance has significantly increased in the past 24 hours. Notably, most altcoins correlate to Bitcoin’s price. The general crypto market outlook improved as it shows signs of recovery today.

However, the sustainability of the present positive trend largely depends on market forces and investor sentiments. LINK’s current price action indicates the possibility of a rally ahead. A closer look at its performance will provide vital answers. 

Chainlink Pivots At The 200-day SMA, Are We In A Bull Run?

LINK is in an uptrend on the daily chart. It is building on its gains yesterday to halt the bearish trend. It bounced off the 200-day Simple Moving Average (SMA) yesterday to begin its recovery. LINK is currently above its 50-day and 200-day SMA, with bullish sentiment in the short and long term.

Its Relative Strength Index (RSI) is 48.32, in the neutral zone and moving upwards. It implies that the asset will likely experience further price increases if the bulls sustain the current rally.

LINK’s Moving Average Convergence/Divergence (MACD) is still below its signal line and showing a negative value. The indicator reflects the bearish pressure on the asset in the past week. 

Related Reading: Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?

However, the histogram bars are faint, suggesting a possible trend reversal ahead. Despite the current price increase, further confirmation is vital to determine if a bull run is underway.

Chainlink Trends In The Green Zone, Will Its Price Grow?

knife

LINK found support at the $6.947 price level, with $5.9 and $6.75 being other critical support levels upholding its price. However, its nearest resistance level, $7.456, is vital to its trend direction. A break above this level will confirm that LINK has moved into an uptrend.

Other key resistance levels are $7.735, $8.397, and $8.48. LINK will likely break the $7.456 resistance in the coming days if the bulls sustain their charge.

Featured image from Pixabay and chart from Tradingview

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 68,127.25
ethereum
Ethereum (ETH) $ 3,516.27
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.35
solana
Solana (SOL) $ 184.20
staked-ether
Lido Staked Ether (STETH) $ 3,516.50
usd-coin
USDC (USDC) $ 0.999987
xrp
XRP (XRP) $ 0.600943
dogecoin
Dogecoin (DOGE) $ 0.140045
the-open-network
Toncoin (TON) $ 7.14
cardano
Cardano (ADA) $ 0.438246
avalanche-2
Avalanche (AVAX) $ 32.63
tron
TRON (TRX) $ 0.13444
shiba-inu
Shiba Inu (SHIB) $ 0.000018
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,068.24
chainlink
Chainlink (LINK) $ 14.84
polkadot
Polkadot (DOT) $ 6.41
bitcoin-cash
Bitcoin Cash (BCH) $ 398.38
near
NEAR Protocol (NEAR) $ 6.30
uniswap
Uniswap (UNI) $ 8.07
litecoin
Litecoin (LTC) $ 73.53
dai
Dai (DAI) $ 1.00
pepe
Pepe (PEPE) $ 0.000013
leo-token
LEO Token (LEO) $ 5.69
wrapped-eeth
Wrapped eETH (WEETH) $ 3,643.91
matic-network
Polygon (MATIC) $ 0.546705
internet-computer
Internet Computer (ICP) $ 10.70
kaspa
Kaspa (KAS) $ 0.178958
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47
ethereum-classic
Ethereum Classic (ETC) $ 24.17
aptos
Aptos (APT) $ 7.49
ethena-usde
Ethena USDe (USDE) $ 1.00
stellar
Stellar (XLM) $ 0.105703
monero
Monero (XMR) $ 163.93
blockstack
Stacks (STX) $ 1.97
mantle
Mantle (MNT) $ 0.87804
render-token
Render (RNDR) $ 7.21
dogwifcoin
dogwifhat (WIF) $ 2.81
filecoin
Filecoin (FIL) $ 4.77
injective-protocol
Injective (INJ) $ 27.95
arbitrum
Arbitrum (ARB) $ 0.798878
hedera-hashgraph
Hedera (HBAR) $ 0.074266
maker
Maker (MKR) $ 2,858.83
immutable-x
Immutable (IMX) $ 1.68
crypto-com-chain
Cronos (CRO) $ 0.095402
okb
OKB (OKB) $ 42.32
cosmos
Cosmos Hub (ATOM) $ 6.50
vechain
VeChain (VET) $ 0.030693
bittensor
Bittensor (TAO) $ 349.04
bonk
Bonk (BONK) $ 0.000034
arweave
Arweave (AR) $ 34.14
optimism
Optimism (OP) $ 1.97
sui
Sui (SUI) $ 0.850766
the-graph
The Graph (GRT) $ 0.220197
floki
FLOKI (FLOKI) $ 0.000208
first-digital-usd
First Digital USD (FDUSD) $ 1.00
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,921.05
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,558.98
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,656.05
lido-dao
Lido DAO (LDO) $ 1.94
theta-token
Theta Network (THETA) $ 1.66
notcoin
Notcoin (NOT) $ 0.016044
thorchain
THORChain (RUNE) $ 4.88
bitget-token
Bitget Token (BGB) $ 1.14
ondo-finance
Ondo (ONDO) $ 1.10
fantom
Fantom (FTM) $ 0.540299
coredaoorg
Core (CORE) $ 1.66
jasmycoin
JasmyCoin (JASMY) $ 0.030415
aave
Aave (AAVE) $ 98.76
whitebit
WhiteBIT Coin (WBT) $ 10.14
jupiter-exchange-solana
Jupiter (JUP) $ 1.08
based-brett
Brett (BRETT) $ 0.143331
celestia
Celestia (TIA) $ 6.72
pyth-network
Pyth Network (PYTH) $ 0.367838
algorand
Algorand (ALGO) $ 0.159438
sei-network
Sei (SEI) $ 0.392304
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,477.66
mantra-dao
MANTRA (OM) $ 1.35
quant-network
Quant (QNT) $ 76.36
gatechain-token
Gate (GT) $ 7.83
elrond-erd-2
MultiversX (EGLD) $ 36.66
flow
Flow (FLOW) $ 0.651946
beam-2
Beam (BEAM) $ 0.01956
msol
Marinade Staked SOL (MSOL) $ 221.37
gala
GALA (GALA) $ 0.02644
kucoin-shares
KuCoin (KCS) $ 10.02
axie-infinity
Axie Infinity (AXS) $ 6.42
bitcoin-sv
Bitcoin SV (BSV) $ 47.67
popcat
Popcat (POPCAT) $ 0.948735
eos
EOS (EOS) $ 0.611879
flare-networks
Flare (FLR) $ 0.020196
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,548.24
tokenize-xchange
Tokenize Xchange (TKX) $ 11.06
ethereum-name-service
Ethereum Name Service (ENS) $ 26.87
dydx-chain
dYdX (DYDX) $ 1.45
bittorrent
BitTorrent (BTT) $ 0.00000090474241
mog-coin
Mog Coin (MOG) $ 0.000002
ordinals
ORDI (ORDI) $ 41.40
akash-network
Akash Network (AKT) $ 3.53
neo
NEO (NEO) $ 12.05