- Link has seen a 110% increase in Price since the new year
Price action has held 100 MA throughout the bull trend
$24 resistance continues to show it is the mark to break before a new ATH
Chainlink, the 7th cryptocurrency by market cap has seen tremendous growth in 2021. DeFi continues to be the hot ticket for cryptocurrency with ChainLink showing its strength as a top 10 cryptocurrency. Bulls patiently await a break of the key resistance level of $24.
Link has been playing with the 50 Ma for the past month, confirming a healthy uptrend is happening. There has been sideways movement the last 3 weeks, which has investors patiently waiting a strong breakout. The price has been bouncing throughout a a healthy uptrend channel since the 7th of January.
The 4 hour chart has seen healthy growth for the price of chainlink. Each resistance later has become support, which has propelled the price upwards each time. Investors eye a bounce off the bottom trend support of the channel along with the support of the 100 MA as enough to bring ChainLink to an All time high.
While looking at the relative strength index, it is safe to assume a trend has broken and strength is heading towards 70 levels. The volume has subsided the second half of the month, which can signal price consolidation has been taking place. A push to the top trend would confirm a new all time high for LINK.
A break under the key support of the 100 MA along with the bottom trend of the channel could send LINK falling to its key support of $20.
Chainlink intraday key levels
Spot rate: $24.20
Percentage change: 2.45%
Trend: Bullish
Volatility: Expanding
