The LINK price continues to display significant price volatility, indicating an increased price action in the market. Further, the LINK price after trading sideways for a brief period has recently displayed a strong positive move, highlighting a rise in the bull power in the market.
The Chainlink price constantly traded in a consolidated range between $13.893 and $16.477 for a brief period, following which the price gained momentum and the price surged.
However, the rally was short-lived as the bulls faced rejection at $17.677 after recording a jump of 20% in valuation. After this, the price started trading under a bearish influence and recorded a correction of approximately 16%, following which the price traded sideways for a while.
As the market lost momentum, the price experienced another correction of 21%. The bulls held the price above the support level of $12.829, resulting in a bounce back in value. After this, the price traded in a closed range between $13.893 and $15.411 for about a week.
Recently, the price successfully broke out of the range and is on the verge of testing its resistance level of $16.477, of which the outcome is unpredictable.Â
Will LINK Price Continue Rising?
The technical indicator, MACD, displays a rising green histogram, highlighting an increase in the buying pressure in the market. Further, the averages show a bullish convergence, indicating the price will continue to rise in the coming time.
If the bulls push the price above its important resistance level of $16.477, the LINK price continue to gain momentum and test its upper resistance level of $17.677. Maintaining the price at that level will set the stage for Chainlink price to attempt to test its resistance level of $19 this month.
Conversely, if the market fails to gain momentum, the Chainlink price will lose momentum and fall to test its support level of $15.411. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $13.893 during the coming week.
