- LINK showed the potential for upward momentum with growing market interest and strong trading volumes.
- Network activity increasing, while declining exchange reserves suggested a bullish outlook.
Chainlink [LINK] has consistently strengthened its position within the crypto market, largely thanks to innovations like its Cross-Chain Interoperability Protocol (CCIP).
This cutting-edge technology enhances cross-chain security, particularly benefiting NFTs, and supports an impressive $16 trillion transaction infrastructure.
Recently, LINK has caught the eye of traders due to its upward price movement, potentially hinting at a larger breakout.
Can LINK maintain its market momentum?
At press time, LINK was trading at $11.96, reflecting a 5.47% surge in the last 24 hours. Consequently, its market cap has risen to $7.50 billion, with a 5.46% increase.
Trading volume soared by 86.08%, reaching $222.24 million over the same period.
These numbers suggested growing interest and confidence from traders, which could fuel even more upward momentum in the near future.
LINK: Is a breakout imminent?
LINK has been trading within a defined range, with support at $10.31 and resistance at $13.01. The Stochastic RSI indicated overbought conditions, with values exceeding 97 at press time.
This suggested a potential short-term pullback; however, this might only be temporary before further gains.
If LINK can break above the $13.01 resistance level, there’s a strong possibility it could test the next resistance at $14.85, and ultimately aim for $19.23.
Additionally, the Bollinger Bands suggested increased volatility, which further hinted at the likelihood of LINK testing new highs soon.
Source: TradingView
THIS supports bullish sentiment
Network activity continues to rise. LINK’s active addresses climbed by 1.34% in the last 24 hours according to
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Author: Erastus Chami
