Chainlink is attracting interest in the crypto markets as analysts note changing momentum and notable exchange activity. For most, these indicators could act as a springboard to further gains, and levels of support remain very crucial to watch.
Currently, LINK is trading at $24.72, with a 24-hour volume of $1.77 billion and a market capitalization of $16.89 billion. Despite strong action, the token has dropped -1.72% in the last 24 hours.
Crypto analyst Ali Martinez recently noted that over 5.34 million LINK tokens were removed from exchanges in a single day. Such substantial outflow is usually interpreted as a bullish sign that holders would rather have their funds in private storage, thus decreasing selling pressures in the market.
Adding to the discussion, popular analyst CRYPTOWZRD stated that LINK completed the prior session in an “indecisive close.” According to his prediction, the exchange rate could gain further momentum if Bitcoin dominance (BTC.D) continues to slide and the LINK/BTC pair continues its outperformance.
According to his analysis, the next strong level of resistance is $26.53, while the most important supporting level is $24.00. The market is currently at a crossroads where Chainlink could keep going higher if demand continues to accumulate, or re-test its lower level of support.
With exchanges experiencing heavy withdrawals and technical analysts being bullish for a possible upside trend, LINK holders are keeping a very close watch to see if it can breach the $26 level in the days ahead.
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The current level of Chainlink’s RSI is 62.35, crossing the midline and signaling sustained buying pressure. The moving average at 55.47 also supports the uptrend. With its RSI nearing 66.87, there is strong bullish momentum without reaching overbought levels.
Looking at the MACD, the blue line is at 1.8082 and crossing above the signal line at 1.3550, while the histogram is positive at 0.4529. The crossover indicates strong bullish momentum and a shift in market sentiment. The continuous rise in green bars suggests that buying volume is increasing.
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