Chainlink saw an 11.55% surge, trading at $18.73.
An analyst forecasts $22 as the critical resistance level for LINK.
November has been bullish for cryptocurrencies, with the largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), breaking the crucial $99.6K and $3.5K, respectively. The BTC rally has sparked a surge in all major altcoins, driving them to new highs.
Among the altcoins, Chainlink (LINK) has shown solid resilience, surging over 68% over the month. As per analysts, LINKs’ price pattern matches with the past profile that has driven prices up substantially. If the major hurdle is breached, Chainlink could be on track to trade above $25 soon.
At the time of writing, Chainlink trades at $18.73, gaining over 11.55% in the past 24 hours. In the early hours, LINK traded at a low of $16.25. Eventually, without pulling the price backward, the asset signaled an upside rally for the day and climbed to a high of $18.98.
On the other side, an analyst suggests that Chainlink’s next key resistance level is around $22. If the price breaks through this threshold, it could pave the way to potentially reach an all-time high. The chart shows a strong concentration of addresses “in the money” at or near the current price, hinting at bullish sentiment.
Can LINK Bulls Propel the Rally?
The four-hour price chart analysis of LINK reveals the upside price action. A steady gain beyond the current trading level might likely push its price higher. It might likely test the resistance at $23.26. If the altcoin holds the price stable, it could mount to higher levels.
On the flip side, if LINK’s price momentum fails to prop up, the asset could test its crucial support level at the $14 range. A potential plunge below this zone could push the altcoin to slide even lower.
Moreover, the technical indicators of Chainlink have exposed the current bullish momentum with the Moving Average Convergence Divergence (MACD) line likely settled above the signal line. This highlights the upcoming uptrend in the market.
LINK chart (Source:TradingView)
Besides, the Chaikin Money Flow (CMF) indicator is positioned at 0.19, suggesting a positive money flow and demand within the market. Concurrently, Chainlink’s daily trading volume has dropped by over 13% to $1.22 billion.
In addition, LINK’s ongoing market sentiment might approach the overbought zone with the daily relative strength index (RSI) found at 68.34. The daily frame of the altcoin shows the short-term 9-day moving average above the long-term 21-day moving average.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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