Chainlink (LINK) experienced a significant 4% surge in its price over the last 24 hours, as reported by CoinMarketCap, pushing the cryptocurrency to $6.98. Impressively, LINK also boasted a weekly performance gain of over 10%. As of now, the technical analysis of LINK’s chart signals the potential continuation of this positive momentum in the coming days.
LINK Coin Price Rise
During the past 24 hours, LINK’s price found solid support at the $6.680 level, resulting in the creation of a second higher low for the week and the establishment of an upward trend line. Within the same time frame, LINK achieved multiple higher highs, forming a bullish price channel on the 4-hour chart.
Following the rebound from $6.680, LINK’s price broke through the next resistance level at $7.040, reaching a high of $7.195 earlier today. However, it has retraced slightly below this level at the time of writing.
Should the bullish trend persist in the next 24-48 hours, it could lead to LINK turning the resistance level into a strong support. Subsequently, this may provide the necessary foundation for the cryptocurrency’s price to target $7.365.
Conversely, a break below the established upward trend line could expose LINK to the risk of retesting the mentioned support at $6.680. If this support fails to hold, sellers may push LINK’s price further down to $6.405.
Looking at the daily chart for LINK/USDT, a notable bullish technical flag is close to being confirmed. At present, the 20-day EMA line is approaching a cross above the 50-day EMA line. Should this crossover occur, it would indicate a shift in medium-term momentum in favor of buyers, potentially driving LINK’s price higher.
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