The Chainlink (LINK) token is one of the few cryptocurrencies that is thriving during the ongoing crypto market correction. The LINK price chart shows a number of lower rejection candles in the daily chart, indicating an instant bounce from the market buyers. The price is slowly moving up hoping to challenge the next higher resistance (27.8).
Main technical points:
- LINK price recovers 200-day EMA
- The lines of the daily MACD indicator jump above the neutral zone
- The 24-hour trading volume of the Chainlink token coin is $3.2 billion, showing a 6.2% increase.
The source- Tradingview
The Chainlink (LINK) token on December 27 is about to break the $23.16 resistance. However, before it could make a significant breakout from this level, intense supply pressure required a minor correction.
On January 3, the coin managed to recover its overhead resistance and provided an appropriate signal for a bullish recovery. The price started to move higher and despite the crypto market going through a bloodbath, the LINK token managed to keep the recovery intact and hit the $28.7 mark.
The new rally in the ChainLink (LINK) token has crossed above the 200 EMA, providing a great advantage to the long-term traders. Furthermore, the chart also shows a bullish crossover of the 20 and 50 EMA, attracting more buyers to this token.
The Moving Averages Convergence Divergence indicator shows that the MACD and the signal lines have crossed above the neutral zone, indicating bullish momentum.
Upcoming trendline acts as dynamic support for LINK token
The source- Tradingview
LINK price is currently facing stiff resistance from $27.8. The price was rejected from this level with an evening star pattern, suggesting a bullish reversal. However, the technical chart shows an emerging trend line, providing dynamic support for the price.
Cryptocurrency traders can maintain a strong bullish sentiment, as long as the support trendline remains intact.
According to the traditional pivot level, the overhead resistances for LINK price are at $30, followed by $33.3. For the upside, the support levels are at $25.8 and $23.