Despite the recent crypto market consolidation, Chainlink (LINK) appears poised to resume its upward trajectory. Technical indicators suggest an imminent breakthrough, indicating potential bullish momentum for LINK.
For several days, the cryptocurrency market has struggled to make a bullish breakthrough. While investors hope for signs of recovery, the price stagnation persists. Despite the regulatory sector being in full effervescence, rising fears are dampening price momentum.
The primary cryptocurrency, Bitcoin, is once again hovering around the $87,000 mark. Meanwhile, other altcoins like Chainlink have shown signs of recovery over the past week. However, in the last 24 hours, LINK succumbed to the prevailing gloom, registering a modest 1.69% decline.
In the early hours of March 26, the altcoin was trading around $16. Under the pressure of bearish trends, Chainlink later retreated to $15.7 after testing a support at $14.98. At the time of writing, LINK was trading at $15.7 according to CoinMarketCap data.
Looking at the weekly chart, Chainlink is displaying signs of recovery after recent declines. Earlier in the week, the altcoin hit a low of $14.16 due to market crashes. However, it now shows a 6.45% increase, helping it reach its current trading levels.
Analyzing its recent trading movements, Chainlink appears to be forming an ascending channel. This technical setup suggests that the altcoin could experience additional upward movements in the coming days. While yesterday saw a decline, the overall technical analysis hints at positive trends.
Furthermore, LINK’s bullish strength indicator stands at 4.54, while its bearish strength indicator is at -5.00. Although sellers are still showing their strength, bullish signals are gaining momentum on this technical marker. Additionally, Chainlink’s RSI value is at 54.16 according to TradingView data.
These elements indicate a positive sentiment in the market, hinting at the imminent arrival of bullish trends. Meanwhile, other altcoins like Maker have recorded significant price surges over the past day.
Gaston has been a writer for over 7 years and a passionate cryptocurrency enthusiast since 2020. He loves exploring the crypto ecosystem and is now dedicated to sharing his insights and discoveries through InvestX.
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