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Chainlink Launches Real-Time Data – Will LINK Price Hit $17.64 Next?
The launch of real-time U.S. equities and ETFs data streams by Chainlink has sent shockwaves throughout the cryptocurrency market, with many speculating on its impact on the price of the native asset, LINK. In this article, we will dive into the charts and recent metrics to provide a comprehensive analysis.
At the time of writing, LINK is trading at $16.49, marking a -6.91% decline over the past 7 days. However, it’s essential to note that the price rebounded from a crucial support zone at $15.83, indicating potential buying pressure after last week’s sell-off.
From a technical perspective, LINK recently witnessed a bearish MACD divergence, implying exhaustion following July’s strong 21% rally. This was followed by a classic rejection at the upper Bollinger Band and the 20-day SMA, currently near $17.76. Therefore, it becomes crucial to observe the price action around this level.
Moving forward, $17.64 is expected to be a tough resistance for Chainlink’s native asset. A break above this mark could initiate a move towards the next major resistance at $20.22. However, it is vital to remember that this level has seen significant profit-taking in the past. If LINK fails to hold above $15.83, the price might slide down to the $12 zone.
The Relative Strength Index (RSI) currently stands at 47.95, indicating neutral momentum with a slight upward curve, hinting at a potential recovery if trading volumes confirm this trend. Notably, however, daily trading volume has decreased by -13.81%, which may suggest that recent rebound lacks conviction.
In conclusion, the impact of Chainlink’s groundbreaking innovation on its native asset remains uncertain. While LINK appears to be near crucial support and resistance levels, it is essential for traders to keep a close eye on this level of $17.64 and gauge the sentiment around it before making any trading decisions.
Source: coinpedia.org
