There is a lot of action across the cryptocurrency today. Most markets benefit from the bullish Bitcoin momentum, including the ChainLink price.
In fact, it appears that LINK is rapidly approaching the $3 mark once again, which would be rather significant.
ChainLink Price Momentum Resumes
Whereas most alternative markets have seen a strong dip this week, the ChainLink price hasn’t budged that much. A decrease from $2.45 to $2.39 is nothing to be overly concerned about under the current circumstances. Ever since, the price has continued moving up and is now accelerating once again.
All in all, the past 30 days have been incredibly bullish for ChainLink. A near 61% gain is spectacular, especially when compared to most other markets. All of this is primarily happening due to ongoing developments within the ecosystem.
In terms of trading, LINK nets near $66 million in volume. Most trades originates from Binance with its USDT and BTC pairs. That is completely normal, as Binance remains the biggest trading platform in the world today. Its markets offer ample liquidity to keep this momentum going for at least a few more hours.
LINK/USDT Technical Analysis
Bollinger Bands: The BBs for LINK/USDT are narrowing ever so slightly, albeit there is ample volume to prevent accumulation. Given the current size of green candles, it is evident that buyers are leading this market right now. As such, the LINK value is bound to keep moving up, at least for the time being.
Moving Averages: The moving average for LINK have been pretty positive in recent days. On the daily ChainLink price chart, the bullish crossover between the MA20 and MA50 remains intact. More importantly, the MA20 remains well above the MA200. That MA200 is also bound to cross the MA50 in a bullish manner.
RSI: ChainLink has been in slightly overbought territory for some time now and shows no signs of slowing down just yet. The RSI doesn’t show any indication of this ongoing uptrend to come down in the near future.
Fibonacci Retracement: LINK/USDT has successfully overcome the 50% Fib level without any real problems. It triggered a minor dip, but the uptrend remains firmly intact. The push to the next Fib level is firmly in place. That level sits at $3.0026, which is the first major resistance to overcome.
Resistance Levels: Based on the current circumstances, the Fibonacci retracement levels are crucial to keep an eye on. With $3.0026 fast approaching, that will be a tough test. If broken successfully, the road to $3.8 seems open, albeit there may be some hiccups along the way.
One also has to keep in mind that $0.29412 is a previous resistance level that wasn’t broken successfully. Instead, the ChainLink price was rejected at that level and triggered a dip to $1.6108. If this time around is no different, another downtrend remains plausible.