Chainlink (LINK) price has been hinting at bullish signals despite a decline in Bitcoin’s price. Ever since its uptrend on July 20, LINK’s total market capitalization edged higher to $23.64 billion. This ranks Chainlink as the world’s eighth-largest cryptocurrency sandwiching it between USD Coin and Uniswap.
LINK’S Price Action
Chainlink price, just like other altcoins, has been rallying after Bitcoin’s turnaround in its price. Bitcoin’s climb to above $42,000 saw most cryptocurrencies jump. Most altcoins are correlated to Bitcoin hence following BTC’s downturn, most of the currencies were in the red.
Chainlink is a decentralized oracle network built on top of Ethereum’s blockchain. The oracle network acts as an intermediary hence translates data from the real world to smart contracts in the blockchain.
For the past two weeks, Chainlink has been performing well snapping from its three-week downtrend. It is likely to maintain its bullish outlook in the near term.
LINK’s Technical Outlook
Chainlink price has been consolidating above the $20.000 critical level for the past four days. It broke out of the bearish triangle to the upside.
At the time of writing, Chainlink price was treading on negative territory but above the bearish pattern. It inched 1.22% lower at $23.186. It hit an intraday low of $22.039 before rebounding.
On the daily chart, LINK’s price has been trading above the 25 and 50-day exponential moving averages (EMAs) for the last couple of days. This indicates the ongoing bullish trend in its price. Its Relative Strength Index (RSI) has been moving higher. However, its RSI has been above 65 signaling that the coin is close to being overbought.
In the near term, I expect LINK’s price to surpass its intraday high at $24.431. If this happens, the bulls will be targeting a resistance level at $26.550.
On the flip side, depending on Bitcoin’s performance, the price could push past the mentioned intraday. A move below that, might drag Chainlink’s price to find support at $18.700.