The price of Chainlink's LINK token saw a 0.79% increase over the last 24 hours to reach $6.94 at the time of writing. This small gain signals a potential trend reversal after LINK's 11.30% slide over the past week. Here's what LINK traders need to know:
Current LINK Price Levels
LINK is currently trading at $6.94, up from $6.88 yesterday. However, LINK remains well below its all-time high of $52 reached in May 2021 during the crypto bull market. Current prices could offer an opportunity to buy the dip before the next leg up.
Trading Volume and Market Cap
Over the last 24 hours, LINK trading volume totaled $236 million. This is significantly higher than average daily volumes, indicating rising market interest. LINK retains a top 20 market cap position at $3.7 billion, underpinned by real-world adoption.
Analyzing key indicators, LINK’s daily RSI has risen to 46, exiting oversold territory. The MACD line also crossed above the signal line in a bullish crossover. The 20-day moving average held as support. The technicals point to building bullish momentum.
Key Support and Resistance Levels
Immediate resistance for LINK is seen at $7.00 and $7.20 where it struggled to break higher recently. Stronger resistance sits around $7.50. Key support levels to monitor are at $6.80 and $6.50. As long as LINK maintains support, the path of least resistance looks to be upward.
Oracle Adoption and Development
A key driver of LINK's value is its leading position as the top oracle network. LINK facilitates over $5 billion in transaction volume across DeFi and other platforms needing trusted data feeds. Upgrades like staking aim to further boost Chainlink's capabilities. Broad usage reinforces LINK's value.
Should Traders Buy the LINK Dip at Current Prices?
Given the oversold bounce and bullish technical factors, current LINK prices seem appealing for traders looking to buy the dip ahead of a potential uptrend. However, prudent risk management remains key. Dollar cost averaging can smooth volatility. Seeking value around key support levels may yield better entries. Overall, LINK looks poised for more upside after its recent decline.
What Are the Next Likely Price Targets for LINK Bulls?
Looking at market structure, LINK bulls should target the $7.50 level next after clearing the $7.20 resistance. Breaking out above $8.00 could open the door to retest the 2022 peak around $9.00. If buying momentum continues building, LINK could make a run toward its record highs around $52. However, macro crypto bear trends pose downside risks. Traders can look to buy on dips, taking profits on strength. Underpinned by real-world utility, LINK has room for long-term growth.