Altcoins News
By James Thorp
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Chainlink (LINK) has recently demonstrated significant volatility, showing both a sharp decline and a strong rebound. The price of LINK recently dropped to $13.18, a 13.
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The market downturn for LINK, marked by a correction to $13.18, was followed by a rebound that found support at crucial Fibonacci retracement levels.
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A breakout above $15.00 would signal bullish momentum, while a failure to hold above this price could lead to a retracement back toward $14.50 or even lower levels.
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LINK’s recovery to $15.25 has been accompanied by increased trading volume, reaching 25.137 million, well above the 9-day Simple Moving Average (SMA) of 12.568 million.
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Several technical indicators support the argument for a continued rally. The Moving Average Convergence Divergence (MACD) indicator, which initially showed a bearish reading of -0.
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Open Interest (OI) has also provided valuable insights into market sentiment. LINK’s OI ranged from 4.597 million to 4.
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Increased open interest at $15.25 points to bullish sentiment, as new positions indicate optimism. If OI continues to rise above 4.92 million, LINK could be propelled toward $16.
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Cumulative Volume Delta (CVD) and Market Behavior
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The Cumulative Volume Delta (CVD) reflects shifts in buying and selling pressure. During the drop to $13.18, the CVD fell from -3.7 million to -6.
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LINK’s recent price action reflects significant volatility, with a 13.6% correction followed by a 15.8% rebound.
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