The month of September turned out to be harsh for the crypto space as the market has been experiencing massive price volatility for cryptocurrencies. Following last week’s price plunge, the industry has managed to push itself back up and regain momentum as the top performers have leveled their losses.
The bulls and bears are constantly fighting to gain power, resulting in the price to trade in a consolidated range. The token recently broke out of the range at the resistance level of $6.43, indicating a possibility of a bullish momentum soon.
Chainlink was trading in the consolidated range for over a month and was repeatedly testing the crucial support level of $5.92. The bulls managed to hold the price and also managed to push itself by breaking out of the range at $6.43 recently. Further, EMA displays its level rising in the 50-day, indicating a possibility of a golden crossover this week in the 4-hour chart.
The MACD displays a bullish crossover in its chart, indicating a strong bullish moment in the market. Further, the rising green histogram in the indicator also displays a possibility of the price gaining value this week.
The RSI displays its averages to break out towards the overbought range, indicating a massive price action among investors and traders, further displaying a stronger buying power over selling.
Will LINK Reach New High This Year?
The LINK price had been trading in a consolidated range for a brief period of time, and the bulls have finally managed to break out of the trend after many failed attempts. If the bulls continue to gain power and hold the price, then the price will prepare itself to test the resistance level of $7.07 by the end of the month.
If the bears regain control over the market and overpower the bulls, the price is predicted to test the level of $6.43 this week. If the price fails to hold the level, then the price will continue to plunge and retest its crucial support level of $5.92 in the coming days.