Most of the major cryptocurrencies by market capitalization continued to hold on to where they stood earlier. Flat prices, however, signal that bullish and bearish investors are both actively expressing their market views. At the time of this analysis, LINK was up 2.45% in the last 24 hours to $7.31. In a recent tweet, the decentralized blockchain oracle network Chainlink celebrated a new milestone. According to it, the Chainlink network has surpassed $7 trillion in “transaction value enabled” (TVE)—a measure of the aggregate USD value of on-chain transactions facilitated by Chainlink oracles across 12 blockchains since 2022. Chainlink’s social volume blasted off to all-time highs, according to on-chain analytics firm Santiment, after it put out a tweet on its proof-of-reserve advantages. The increased crowd interest may have a positive price impact, Santiment predicts.
Key Levels
Resistance Levels: $9.50, $8.00, $7.50
Support Levels: $7.00, $6.00, $5.00
The price of LINK reached a low of $5.386 on Dec 31 but has since remained in a rebound trend, however beginning the year with a positive consolidation. The LINK price is currently above the MA 200 barrier at $7.00. The LINK price might rise to the $8.00 level before the next barrier at $9.50, with a successful effort above its immediate support at $7.00.
The barrier at $8.00 could stymie bullish moves above this region. However, a move upward would enable LINK’s price to surpass the $9.50 level. However, selling interest below current levels may find support around the $8.50 level. The RSI indicator has risen above the neutral 50 level, which points to potential consolidation.
LINK/USD 4-Hour ChartOn the 4-hour chart, LINK is maintaining its position above $7.00, well above the rising MA 50 after reaching a high of $7.50 earlier today. Looking at the technical indicators, the RSI is getting close to the 80 level, indicating a bullish advantage. Stronger upward trends may encounter the $8.00. Above this, the $9.50 resistance level, which comes before the highs of $8.0, maybe a critical one for the bulls.
If not, a decline below the MA 50 ($6.90) might first strike the $6.50 support before tumbling to the $6.00 level. The bullish mood may come into play as a result of additional positive pressures, with support at the $7.00 level. LINK/USD is attempting to consolidate at its upper price boundary.
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