- Chainlink spiked over 7.30%, with its price trading at $26.
- LINK’s daily trading volume has surged by over 167%.
The trading day began with the crypto assets fluctuating between their highs and lows. Bitcoin and Ethereum have moderately lost their momentum. However, a surge in altcoins is mirroring a potential altcoin season.
Among the altcoins, Chainlink (LINK) has demonstrated notable price movements and emerged as the top gainer with a gain of over 7.30% in the last 24 hours. Analysts anticipate that it could accelerate to a higher price pattern with the growing institutional interest in LINK.
Watching the asset closely in the early hours, Chainlink traded at a low of $24.73. Despite struggling at the $25 level, the altcoin signaled an upside rally for the day and mounted to $27.26. At the time of writing, LINK trades at $26.84, with its daily trading volume reaching $2.25 billion.
Over the past week, the price of Chainlink has climbed by over 37%. The asset began trading at $19.44, and it steadily gained momentum and pushed the price to the current trading levels.
On the other side, a whale withdrew 390,230 LINK worth $9.68 million from Binance and moved it to Aave recently. Later, it borrowed 4 million USDT from Aave and redeposited it to Binance.
Can LINK Bulls Drive a Rally?
Chainlink’s four-hour technical chart analysis has reported the bullish momentum. The Moving Average Convergence Divergence (MACD) line is presumably decided to settle above the signal line. This crossover suggests the upcoming bull run in the market.
The Chaikin Money Flow (CMF) indicator is likely stationed at 0.07, which signals a positive money flow. Also indicates moderate buying pressure and demand. Likewise, Chainlink’s daily trading volume has increased by over 167%.
Moreover, the daily frame of LINK exposes the short-term 9-day moving average above the long-term 21-day moving average. The altcoin’s current market sentiment is in the neutral zone with the daily relative strength index (RSI) positioned at 63.69.
The price plot analysis of Chainlink exhibits the upside price pattern. The bullish outlook might depend on the buying activity. If the altcoin attempts to target and hit $29, it would be the highest value since the beginning of the year. LINK’s move beyond $30 is an unseen level, hinting at the potential upward movement.
If the selling pressure overpowers the buying activity, it could trigger a downward correction, and LINK’s price could break below $22. In this context, the LINK price might potentially retrace below the $20 mark. Losing this support would trigger a downward trajectory.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
