Crypto markets are showing signs of recovery, with Chainlink (LINK) leading the charge, evidenced by an uptick in its price. CRYPTOWZRD, a crypto analyst, highlighted LINK’s promising position in a tweet.
He noted that the daily technical outlook for LINK is bullish following its recent closure in the green. Moreover, he anticipates further upward movement from its current position.
His primary focus will be on analyzing the intraday chart to capture the next trading opportunity. This positive sentiment is supported by a significant increase in trading volume and price action.
LINK Daily Technical Outlook:$LINK closed bullish today and the next move from the current location will be bullish. My primary focus will be on the intraday chart to get the next opportunity pic.twitter.com/i7GAe3dlpS
— CRYPTOWZRD (@cryptoWZRD_) August 22, 2024
LINK’s Chart Analysis Reveals Key Insights
Recent trading sessions have marked a noticeable shift for LINK, pivoting from a downtrend that persisted since mid-July. A fresh bullish green candle signifies a robust recovery, propelling the asset’s value from its support level at approximately $9.50.
This level represented the nadir before the latest uptrend. Historical data also indicates another substantial support near $7.30. Resistance levels are looming at $12.50 and $14.00, which have previously oscillated between support and resistance points.
Volume and Price Forecast Correlation
A surge in trading volume typically suggests a strengthening conviction among traders, and for LINK, this is no exception. The increased volume coinciding with the bullish candle points to a growing buying interest at lower prices.
CRYPTOWZRD anticipates that LINK’s price trajectory will remain upward, potentially testing the immediate resistance zones between $12.50 and $14.00. Although a short-term target of $16.50 appears optimistic, current momentum might see LINK challenge these figures before any reassessment of its market strength.
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Market Response and Future Projections
According to CoinGecko data at publication, LINK is trading at $11.40, with a daily trading volume of $393,734,125. This marks a 9.30% increase in the last day and a 9.34% uptick over the past week.
These figures highlight a revitalized interest in LINK, which may continue if it successfully breaches specified resistance levels. Traders and investors should monitor the asset for any signs of sustained bullish behavior that might confirm the analyst’s forecasts.
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