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Chainlink News: LINK Nears Key Support—Is a 31% Rally on the Horizon?
As of writing, the Chainlink (LINK) token is trading at $6.41, and it’s essential to keep a close eye on its current price action as it approaches a critical level. Based on recent data, we’re witnessing an increase in total transaction count for LINK, which could be a precursor to significant market movements.
As shown in the graph above, moderate network activity is seen with 11K transactions per day, according to CryptoQuant. This trend aligns with historical occurrences of increased transaction volume preceding price surges. We’ve observed this pattern in the past, particularly during instances where LINK approached $60 in value back in 2020 and 2021.
The current support level of Chainlink’s price is a crucial inflection point for traders and investors alike. The possibility of a sustained breakout has piqued interest among market participants. We’ll need to closely monitor the token’s price action as it approaches this critical juncture.
As you may have noticed, the RSI indicator (Relative Strength Index) currently shows a neutral reading at 49.65. However, if we see a break above or below these levels, that could signal an indication of growing buying pressure or increasing bearish momentum respectively.
We also examined the Coinglass data regarding Chainlink’s Open Interest, which revealed an increase of 10.69% within the past 24 hours, reaching $1.02 billion. This may indicate diminishing positions and could be interpreted as a precursor to increased market volatility and potential price fluctuations.
In conclusion, the current market trends suggest that we are likely to witness some significant movements in the near future. While the data is not yet conclusive enough to recommend buying or selling LINK tokens at this time, it’s essential for traders to continue monitoring these developments closely.
Source: http://www.crypto-news-flash.com
