đđThis Altcoin Rallyed 17% in a Week: Is Data Showing More Upside? đđ
Popular altcoin Chainlink is trading at $12.24 at the time of writing, up 17% in a week after a long period of decline. While the past month has been tough for the altcoin, current data and indicators suggest that it is bullish.
The crypto market and Bitcoin appear to have emerged from the bear market of August. When BTC price rises, the rest of the market usually follows suit. Chainlink has been one of the biggest gainers in the recent period of this surge. Investors are hoping to make additional gains as LINK continues its upward trend. The altcoin is trading above the $12 support level, indicating strong market sentiment and potential for further growth. In addition, the Moving Average Convergence Divergence (MACD) is showing positive bullish momentum for LINK.
According to Coinglass data, LINKâs trading metrics have also increased significantly. The assetâs trading volume increased by 31.54% to $379.43 million. In addition, open interest increased by 17.32% to $187.68 million. When these two indicators rise in parallel, it usually indicates increased activity and liquidity in the market, which paves the way for price appreciation.
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