Can Chainlink Token Hit $40 Mark This Year?

  • Chainlink token is presently trading near the physiological hurdle of $30.00 while placed above all vital moving averages. 
  • Currently, the crypto asset is trading above all vital moving averages of 20, 50, 100, and 200-day line with average volume activity. 
  • The pair of LINK/BTC is trading at 0.0004632 BTC with an intraday gain of +7.45%, and the ratio of LINK/ETH is CMP at 0.007123 ETH with a 24-hour change of +7.16%. 

Chainlink token is heading towards the higher levels after taking support from the 200-DMA line. At the same time, volume activity is lower and needs to improve strength for sustainability at the higher levels. The crypto asset over the monthly chart is trading above the vital moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity.

Volume activity needs to improve enormously in the upcoming trading sessions for a strong bullish rally. Over the higher side, the coin has resistance near $32.05, and if bulls manage to break, we can soon expect levels of $36.40 to $41.80. Support on the lower side is $25.30 and $23.40, whereas resistance on the higher side is $32.25 and $39.48.

Chainlink token is trying to suppress its last two months highs of around $32.00

Chainlink token is trying to suppress its last two months highs of around $32.00 while heading towards higher levels. Moreover, the technical parameter also reaches the overbought zone with good recovery from the lower levels. Volume activity is average and needs to grow strongly for the next lap of bullish momentum. LINK price is trading at $29.33 with an intraday gain of +5.04%, and the volume to market cap ratio is 0.1237.  

Relative Strength Index (CAUTION): Chainlink token RSI is trading near the overbought zone after a sharp recovery from the lower levels. In contrast, the coin trades higher and projects slight caution with longs and RSI at 73. 

Moving Average Convergence Divergence (BULLISH): The daily chart projects a bullish trend at the 4-hour time frame. At the same time, the buyer’s signal line (green) is overpowering the seller’s line (red) with a positive crossover.     

Support levels: $25.30 and $23.40

Resistance levels: $32.25 and $39.48.

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