Amid the ongoing bullish recovery in the crypto space this week, the BTC price has retested its $73,000 level. With this, major altcoins have added massive valuation to their respective portfolio within a short period.
Successively, the Chainlink (LINK) price has resurfaced among the top gainers after recording a consolidated price action for a brief period. Will this altcoin hold its bullish momentum or experience a major turnaround this weekend? Scroll down to cover the possible short-term comings.
The Chainlink price has added 4.63% to its portfolio in the past 24 hours with a trading volume of $287.38 million. Moreover, it has added 5.61% over the past week. This highlights a rising bullish sentiment for the altcoin.
Notably, LINK price has been hovering close to its important support/resistance trendline of $11 since August. Moreover, with a market cap of $7.54 billion, it has secured the 14th position in the global cryptocurrency market.
The EMA 50-day has recorded a bullish convergence in the 1D time frame. This indicates that the LINK coin price may continue gaining value during the upcoming time.
Further, the Relative Strength Index (RSI) has experienced a significant rise in the price chart with its average trendline recording a bullish convergence. This suggests a bullish outlook for the altcoin this week.
Maintaining the bullish influence could push the price of Chainlink toward its resistance level of $14. Further, if the bulls dominate the crypto space during the upcoming time, this could result in it preparing to test its upper resistance level of $17.
On the contrary, a bearish reversal could pull the price toward its important support level of $11. Moreover, if the bulls fail to regain momentum at that, this could result in the 14th largest crypto project retesting its yearly low of around the $8 level.
Curious about the long-term price projections of this altcoin? Read our Chainlink (LINK) Price Prediction article to uncover the future mysteries!
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