Chainlink (LINK) has seen a surge in bullish sentiment as it bounces back from the $5 support level. The altcoin has surpassed several support levels in the past week, resulting in a gain of over 20%. The technical outlook for LINK has turned bullish, with significant improvement in demand and accumulation, as well as the overall strength of the broader market. The positive momentum in major altcoins, driven by Bitcoin surpassing $30,000, has added to the optimism. Sustaining this momentum will depend on BTC’s continued upward push. While a price pullback is possible, increased buying power should help prevent a loss of momentum. Maintaining the nearest support level will likely lead to further gains.
On the one-day chart, LINK broke the psychological level of $6 and is currently at $6.20. If it manages to break the overhead resistance at $6.46, it could rally to $6.70, representing a gain of over 11%. Support levels to watch out for are $5.60 and $5. The trading volume of LINK has increased, indicating more buyers entering the market.
Technical analysis shows an improvement in buying strength for LINK, with the Relative Strength Index (RSI) surpassing the 60-mark, indicating growing demand. The price momentum has also been driven by buyers, pushing it above the 20-Simple Moving Average line. The Moving Average Convergence Divergence (MACD) indicator shows buy signals, with tall and growing green histograms. However, the Chaikin Money Flow (CMF), reflecting capital inflows and outflows, has formed a downtick, suggesting a decline in the rate of inflows.
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