Wu Blockchain in an X post published today Chainlink (LINK) price increased by more than 18% in the last 24 hours explained. According to the post, this price increase was the biggest gain recorded in the top 15 list in the last 24 hours. During the same period, the trading volume of the LINK smart contract also skyrocketed to $2.3 billion.
In the past 24h, LINK has risen by more than 18%, making it the token with the highest increase among the top 15. The spot trading volume is mainly concentrated in BIKA, Binance and Topcredit Int, but BIKA and Topcredit Int are less credible . The trading volume of LINK contract…
NEWS CONTINUES BELOW— Wu Blockchain (@WuBlockchain) October 22, 2023
Meanwhile, CoinMarketCap data showed that LINK’s price continued to rise after Wu Blockchain’s post. Following this, the cryptocurrency’s 24-hour gain remained just under 26% at press time.
This latest increase in price altcoinIt also increased its weekly performance to +30.91%. As a result, the cryptocurrency was trading at $9.61.
From a technical perspective, LINK has broken through several resistance levels in the last 24-48 hours. The first barrier that the altcoin broke was the $7,940 resistance level. Later, LINK’s price rose above the $8.60 and $9.175 thresholds. Additionally, it continued to trade above these levels at the time of writing.
It is possible for LINK to close today’s trading session above the $9,175 level. If this happens, it may have the foundation needed to rise to the next resistance level in the next few days. In this scenario, cryptocurrency It is possible that the value of the unit will rise up to $ 10,635 next week.
On the other hand, LINK is likely to close its daily candle below the $9,175 price point. If this happens, it is likely to retest the $8.60 support level. If the selling pressure continues, the altcoin’s value could drop to $7,940 in the next few days.
Traders and investors will want to note that a long-term bullish technical indicator was recently triggered on LINK’s daily chart. In the past 48 hours, the 100-day EMA line has crossed above the 200-day EMA line. This showed that the long-term momentum has shifted in favor of the bulls and LINK’s price may continue to rise over the next few weeks.