Chainlink (LINK) is currently experiencing a surge, surpassing the $15 resistance level and indicating a bullish trend. However, there has been a significant drop from its peak of $22, declining over 35% in the last 30 days.
In a recent surge, Chainlink’s (LINK) price has displayed strong upward momentum, surpassing even the bullish momentum of Bitcoin after its halving event. This surge has propelled LINK up by 20% and it has successfully surpassed the crucial resistance level of $15. Additionally, it is now positioned above key moving averages, signaling a bullish trend.
Despite this upward momentum, there has been a noticeable distribution from its peak of $22, resulting in a decline of over 35% in the last 30 trading sessions. However, amidst this volatility, LINK has shown multiple upward candlesticks this week, suggesting a potential reversal in its trajectory.
Currently trading at $15.53, with a daily gain of 4.98%, LINK appears to be in a state of neutrality on the charts. While its monthly return ratio stands at a challenging -23.87%, it has achieved an impressive yearly gain of +117%.
The recent surge in profitable supply of LINK, which has increased by 13% in the past two days and currently stands at 84%, adds complexity to its market dynamics.
Analysts, adopting a neutral stance, expect LINK to face continued selling pressure, potentially prolonging its underperformance. To regain bullish momentum, Chainlink will need to surpass the immediate resistance level of $18. A breakthrough above $20 could pave the way for recovery, with the next critical resistance at $23.5 and a potential trajectory towards $25.
If LINK fails to breach the $18 mark and turn it into support, the altcoin could invalidate the prevailing bearish sentiment and rally towards $13, altering its current trajectory.
