The crypto market has experienced fluctuations in recent days. During this time, Chainlink Its price showed a neutral trend, gaining less than 2%.
Chainlink’s price generally traded in a range between $14,506 and $15,411. However, LINK price lost 17% as the market started to lose momentum. This decline tested the $12,829 support level. However, the bulls later regained strength and started a recovery.
However, LINK price rejection at $14,506 briefly paused the rally. It then caused minor price fluctuations. As market volatility increased, Chainlink price recorded significant price movements. LINK traded between $13,893 and $16,477 in an ascending channel pattern.
However, the price failed to clear the $16,477 resistance level. This caused the price to decline. LINK token corrected over 15.5% over the next few days. The bulls initiated a comeback by ensuring the price remained above the $13,893 support level.
From this point on, the price increases continuously, indicating an increase in bullish strength. As a positive indicator, the Cross EMA 50/200 days shows a high probability of a Golden Cross, indicating a major price movement in the coming days.
Will Chainlink Price Rise Again?
While the Moving Average Convergence Divergence (MACD) indicates a bullish trend by showing a steady green histogram, the constant rise of the averages also indicates that the LINK price may rise in the near future.
If the bulls can push the price above the $15,411 resistance level, Chainlink price will test the $16,477 upper resistance level. Holding at this level will provide a suitable basis for the LINK token to attempt to test the $17,677 resistance level.
However, if the bears gain strength, the LINK token could decline to test the $14,506 support level. Moreover, if the bears control the bulls, the price will decline further and could head towards the lower support level at $12,829.
You can access current market movements here.