The price of Chainlink appears to be struggling around 70.0 RSI level following a test at the $6.5 price area which occurred within the last 24 hours.
Chainlink is one of the top gainers of the bull frenzy that was initiated by a rise in Dogecoin’s price. While Dogecoin leads the entire crypto markets in a general bull run, Chainlink alongside other major alts like ETH, ADA, XRP, and XLM have gained massively and crossed critical points in the process.
Chainlink gained around 32% in the last 2 days while prices skyrocketed from the $4.5 level to touch an all-time high at $6.5. With a $2 price increase which came with a little retracement, Chainlink is now trading at $6.27. Its market cap currently fumbles around $2.19 billion while exchange volume is around $838.64 million.
LINK/USD Technical Analysis
It would appear that the bulls have successfully landed LINK at a new milestone. Prices don’t appear to be capable of returning to $4 anytime soon. With this in mind, buyers are looking to overcome the resistance at $6.5.
LINK/USD returned from the 90.0 RSI oversold condition to test lower prices around 70. As prices found great support at the $6.2 level, a price consolidation set in for the next major move. After this horizontal moment, the buyers are likely to launch an assault at the $6.5 level again. An advantage at this struggle will send prices towards the $7.
However, if the prices fail the support at $6.2, the next level of major support lies at the $4.5 area. Further support lies at $4.0 below. Although this is highly unlikely in the short term, the sellers may gather some energy to rally downwards in an expected price correction.