Chainlink LINK is trading in green today, up more than 4% as the broader market shakes off the downtrend. It experienced a price drop from $8.8784 on April 18, 2023 to $7.7704 on April 19, with its trading volume dropping by more than 4% in the last 24 hours.
Chainlink ecosystem implemented new development trends and innovative alliances. Its recent integration with the Zeal 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 is evident in LINK price action
According CoinMarketCap data, the global crypto market capitalization increased $3.58% in 24 hours. Furthermore, the total volume of the crypto market is $41.50 billion, a significant increase from 15.94.
Bitcoin dominance has increased significantly in the last 24 hours. In particular, most altcoins correlate with the price of Bitcoin. The overall outlook for the crypto market has improved as today it is showing signs of recovery.
However, the sustainability of the current positive trend depends to a large extent on market forces and investor confidence. LINK’s current price action indicates the possibility of a rally ahead. A closer look at your performance will provide vital answers.
Chainlink turns at the 200-day SMA, are we in a bull run?
LINK is trending up on the daily chart. It is based on its gains from yesterday to stop the downtrend. Bounced in the 200 days Simple Moving Average (SMA) yesterday to begin his recovery. LINK is currently above its 50 and 200-day SMA, with both short- and long-term bullish sentiment.
Is Relative Strength Index (RSI) it is 48.32, in the neutral zone and moving up. It implies that the asset will likely see further price increases if the bulls sustain the current rally.
links Moving Average Convergence/Divergence (MACD) it is still below its signal line and shows a negative value. The indicator reflects the downward pressure on the asset in the last week.
Related Reading: Solana (SOL) Rallies After Major Drop, Will It Recoup Previous Losses?
However, the histogram bars are weak, suggesting a possible trend change in the future. Despite the current price increase, further confirmation is vital to determine if an uptrend is taking place.
Chainlink price is rising on the l LINKUSDT chart on Tradingview.com
LINK found support at the $6.947 price level, with $5.9 and $6.75 being other critical support levels holding its price. However, its nearest resistance level, $7,456, is vital for 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 is likely to break the $7,456 resistance in the coming days if the bulls hold their charge.
Featured image from Pixabay and graphic from Tradingview
This post Chainlink Trends in the Green Zone, Will It Rally Follow?
was published first on https://www.newsbtc.com/analysis/link/chainlink-trends-in-the-green-zone-will-a-rally-follow/
