LINK Price ‌Analysis: Chainlink Token Near 50-DMA, Volume Pump Above Average line

July 27, 2021 admin Chainlink 0

  • Chainlink token over the monthly chart indicates strength from the lower levels and pumped above its 20-Day moving average (DAM) line.
  • The crypto asset is trading just below its SMA of 50-DMA line, acting as a minor hurdle, and the coin is presently holding a 20-DMA line.
  • The pair of LINK/BTC is trading on a bullish note at 0.0005027 BTC with intraday gains of +2.40%, and the ratio of LINK/ETH is CMP at 0.008404 ETH with good gains of +3.55% 
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Over the monthly chart, the Chainlink token is trying to rebound from the lower levels, whereas the coin gains its short-term moving average of 20-Day (SMA). 

The coin over the monthly chart tries to gain its short-term moving averages at the 50-DMA line while sustaining above the 20-DMA line. Volume at the monthly chart witnesses a good increment, which jumps above the average volume line. Once the closing today, candles above 50, 100, and 200-DMA, with supportive volume, will push more buyers.  Support on the lower side is $14.90 and $13.45, whereas resistance on the higher side is $24.10 and $26.40. 

Chainlink token is trading on bullish momentum 

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Over the weekly chart, the Chainlink token is trading on bullish momentum and making higher highs and lower lows. The digital asset over the 4-hour time frame is heading higher, and the volume action is also supportive. At the technical parameters, the LINK token is gaining momentum and now reaches near the overbought zone. Presently, the Chainlink token is trading at $19.10 with an intraday increment of +2.40%, and the volume to market cap ratio is at 0.1597.

Relative Strength Index (BULLISH): Chainlink token RSI presently indicates a strong bullish or positive trend over the weekly chart. In contrast, the RSI is heading higher after testing the oversold zone and now CMP at 63.    

Moving Average Convergence Divergence (BULLISH): currently indicates a bullish or positive trend on the daily chart. This is because the buyer’s signal line (orange) overpowers the seller’s line (blue). 

Support levels: $14.90 and $13.45 

Resistance levels: $24.10 and $26.40.