Chainlink Faces Rejection at $6.71 Despite Bullish Momentum With Crypto Market.
Chainlink touched $6.61 overnight but faced rejection on the upside and is down by 0.49%. It was holding at $6.57. Traders have been fighting for the bullish momentum within the crypto market. As such, the market has been trading in green over the past few days.
Several altcoins are seeing price increases. LINK has a trading volume of over $163 million and is holding a market cap of just over $3.34 billion. Chainlink enthusiasts hope that LINK can hold strong at its support level. If the altcoin is able to do so, it could see further gains in the coming days as traders continue to buy into the emerging cryptocurrency.
Latest data and analysis chart show that LINK retracted to $6.61 over the last 24 hours. Traders made off with profits following its strong bullish rally. This seems like a golden opportunity for long-term investors to buy into Chainlink on the dip. LINK is likely to continue an upward trend in the coming weeks.
Moreover, the MACD indicators suggest an uptrend. Recent price action also suggests the same, that is, a continuation of the bullish trend. LINK’s exponential moving average (EMA) crossover is also bullish. The 50-day moving average is above the 200-day moving average. Furthermore, the relative strength index (RSI) is bullish at 50, indicating that there is room for upward price action. The last few hours recorded a constant uptrend in the price. The price range has been from $6.57 – $6.71. The continued bullishness shows more uptrend is likely.