• The long-term resistance level at $9.5 is seeing positive rejection for chainlink price.
• The LINK price is still hovering close below the Bollinger Bands indicator's upper band at that time.
• The bitcoin pair's LINK price, which is up 1.43%, is now 0.0004479 satoshis.
The Chainlink price has outperformed over the past two weeks as price action has continued to build a bullish trend for the near term. Since its low of $5.53 at the beginning of May, Chainlink has been trading around $6. Throughout this time, the $6 resistance level consistently rejected the LINK price.
Despite the fact that the LINK price's long-term perspective indicates a market that has been in a range for the past two months. The cost of LINK varied from $5.7 to $9.5. In actuality, the long-term resistance level of $9.5 is where it will have a good price reversal. The asset needs increase by 24% from current levels for the bulls to push it back into the crucial resistance zone.
At the time of writing, the LINK price is trading at $7.62 against the USDT pair. Bulls are currently under selling pressure, which is why the price is down 1%. The price of cryptocurrencies has increased this week by 10.3%. Additionally, the price of the Bitcoin pair's LINK is slightly higher by 1.43%, sitting at 0.0004479 satoshis.
The Bollinger band indicator's middle band served as a support on a daily time frame, which caused the LINK price to move toward the indicator's upper band and suggest that a small price correction is likely to follow. According to data from the previous 24 hours, the trading volume is $359.9 Million, which is neutral.
The positive trend in the price of LINK is supported by the RSI indicator's current reading of 58 during the previous 24 hours. In addition, the MACD is rising in the bullish zone.
Summary
This week, the price of chainlink is fluctuating inside the Bollinger Bands' upper band. The bulls anticipate that the price of LINK will continue to rise. He still needs to create additional leverage to keep the market from being range-bound.
Technical Level
Support level – $9.5 and $15
Resistance level – $7.0 and $6.0
Disclaimer: The author's personal view may be included in the information, which is subject to market conditions. Before making a cryptocurrency investment, do some market research. Your individual financial loss is not the responsibility of the author or the publisher.
