Chainlink challenges the red crypto market, trading higher than Ethereum and Bitcoin – Chainlink – United States Dollar ($ LINK)

Chain link (CRYPTO: LINK) is trading on Friday in a declining crypto market. It trades more than most popular cryptos, including Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH).

Chainlink’s price has recovered from support and made the cryptocurrency look more bullish. If the crypto can hold above the support line, it could see a breakout of resistance in the coming weeks.

Chainlink was up 3.30% to $ 26.50 at the time of publication on Friday.

  • Chainlink has seen a few consecutive green days and has recovered the higher support from the lower trendline. This shows that the crypto is experiencing bullish momentum in a market that is trading lower overall. If the crypto can continue to rise, it may break above the $ 35 price level and see a breakout.
  • The crypto is trading above the 50-day moving average (green) and the 200-day moving average (blue), indicating that the crypto is experiencing recent bullish sentiment. Each of these moving averages may form a support area going forward.
  • The Relative Strength Index (RSI) has risen over the past few weeks and now stands at 65. This shows that buyers have flocked into crypto, making the buying pressure in crypto much higher than the pressure in crypto. sale.

Chainlink climbing beyond support is a very bullish sign for crypto, especially in a market that is trading lower overall. Bullish traders want to see the crypto continue to hold above support, then look for the price to break through the $ 35 level and hold above for a while, possibly to see further strong bullish movement. Bearish traders are looking to see the crypto fall back below the lower trendline and be able to stay below. This could possibly portend the start of a long-term downtrend.

Photo by Edge2Edge Media on Unsplash

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