Chainlink (LINK) established its all-time high at $52.88 in the beginning of the month. However, the growth of the cryptocurrency was nearly reversed as it fell to a low of $20 in the market crash. Chainlink crypto has shown some bullish momentum in the recent price movements. At the time of writing, Chainlink crypto stands at a price level of $31. The price of the coin has increased by 20% since the past day while the daily trading volume is also on the rise.
Chainlink (LINK) Technical Analysis
The market sentiment for Chainlink is bearish as is the whole cryptocurrency market. A majority of the technical indicators are suggesting the bearish trend to continue. Out of the total twenty-six technical indicators, ten are giving out a sell signal while ten are standing at a neutral position and six are indicating a buy signal. The oscillators are mainly neutral while the moving averages suggest a downtrend.
As Chainlink crypto has picked up bullish momentum, the cryptocurrency is near various important resistance and support levels. LINK coin had tested the Fibonacci support level at $18 from where it rebounded to the upside. Currently, the cryptocurrency has broken the resistance level at $30 which lies parallel to the Fibonacci level of 0.5. The next resistance is lying at the 0.382 Fibonacci level which lies parallel to the price level of $36, followed by $42 at 0.236 Fibonacci retracement level. Chainlink is also being supported by the Fibonacci level of 0.618 at the price of $25.5. Overall, the recent candles on the daily timeframes are bullish so Chainlink may be expected to go upwards.
What is Chainlink?
Chainlink (LINK) had gained increasing popularity in the bull run of 2021 and it is believed to be one of the projects that may become crucial to the blockchain ecosystem in the coming days because of its offering. Chainlink is primarily a decentralized oracle provider. The network provides crucial data to the blockchain by employing smart contracts.