Since the beginning of this week, the cryptocurrency market has seen wild price fluctuations, with Bitcoin hitting a weekly high of $71,946.46. In addition, as the hype around Ethereum ETFs continues to grow, the price of the altcoin leader ETH has successfully broken through important resistance levels.
LINK price continues to show strong positive price action, indicating rising bullish sentiment towards altcoins in the cryptocurrency space.
LINK Price Suggests Breakout Rally!
LINK price continues to show positive trends, with its portfolio increasing by 5.89% over the past day and trading volume reaching $853.9 million (+77.13%). In addition, the valuation has increased by about 10% over the past seven days.
On a positive note, at the time of writing, the LINK price is $17.385 with a circulating supply of 587,099,970 Link tokens. With a year-to-date (YTD) return of 15.18%, the Chainlink token has a market cap of $10.097 billion, making it the 14th largest cryptocurrency by market cap.
Moreover, it is testing to break above its important resistance zone, highlighting the increased volatility.
LINK On-chain Sentiment:
The altcoin’s profit-taking rate also surged as it hit a new 6-week high. The profit-taking rate for the LINK token hit a 17-month high, the highest level since December 8, 2022.
The ratio of LINK’s sell price above the bid price to the volume of LINK tokens acquired at a price above the sell price is 11:1.
Chainlink Market Sentiment:
The simple moving average (SMA) is supporting the price chart on the 1D timeframe, indicating strong bullish sentiment in the cryptocurrency space.
On the other hand, the MACD shows a constant green histogram, highlighting the increase in buying pressure over selling pressure in the cryptocurrency market. Moreover, the moving averages show a rise in bullish sentiment, indicating a positive outlook for altcoins in the coming period.
Will LINK Price Return to $20 Soon?
If the bulls break out of the resistance zone, LINK price will test its overhead resistance at $18.325 by the end of next week. Moreover, if the market sustains the price at this level, it will be ready to test its overhead resistance at $20 in the coming weeks.
Conversely, if the trend reverses, the Chainlink price will lose momentum and test its support at $16,775. Moreover, if the bears continue to dominate the market, it will plummet this month and test its lower support at $15.
(Personal opinion, not a recommendation)
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