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Chainlink LINK is trading in the green today, up by over 4%, as the general market shakes off the bearish trend. It experienced a price drop from $8.8784 on April 18, 2023, to $7.7704 on April 19, and its trading volume is down by over 4% in the last 24 hours.
Chainlink’s ecosystem rolled out new developmental trends and innovative partnerships. Its recent integration with the Celo ecosystem will create a framework for launching Chainlink oracles on Celo and the seamless creation of decentralized applications.
The price pullback in April hinted at the possibility of a bear market. However, the signs are positive today for LINK as its gains in the market.
Crypto Market Rally Evident In LINK’s Price Action
According to CoinMarketCap data, the global crypto market capitalization is up by $3.58% in 24 hours. Also, the total crypto market volume is $41.50 billion, a significant increase of 15.94.
Bitcoin’s dominance has significantly increased in the past 24 hours. Notably, most altcoins correlate to Bitcoin’s price. The general crypto market outlook improved as it shows signs of recovery today.
However, the sustainability of the present positive trend largely depends on market forces and investor sentiments. LINK’s current price action indicates the possibility of a rally ahead. A closer look at its performance will provide vital answers.
Chainlink Pivots At The 200-day SMA, Are We In A Bull Run?
LINK is in an uptrend on the daily chart. It is building on its gains yesterday to halt the bearish trend. It bounced off the 200-day Simple Moving Average (SMA) yesterday to begin its recovery. LINK is currently above its 50-day and 200-day SMA, with bullish sentiment in the short and long term.
Its Relative Strength Index (RSI) is 48.32, in the neutral zone and moving upwards. It implies that the asset will likely experience further price increases if the bulls sustain the current rally.
LINK’s Moving Average Convergence/Divergence (MACD) is still below its signal line and showing a negative value. The indicator reflects the bearish pressure on the asset in the past week.
Related Reading: Solana (SOL) Rebounding After A Major Drop, Will It Recover Previous Losses?
However, the histogram bars are faint, suggesting a possible trend reversal ahead. Despite the current price increase, further confirmation is vital to determine if a bull run is underway.
LINK found support at the $6.947 price level, with $5.9 and $6.75 being other critical support levels upholding its price. However, its nearest resistance level, $7.456, is vital to its trend direction. A break above this level will confirm that LINK has moved into an uptrend.
Other key resistance levels are $7.735, $8.397, and $8.48. LINK will likely break the $7.456 resistance in the coming days if the bulls sustain their charge.
Featured image from Pixabay and chart from Tradingview
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