It seems to be a matter of time until the cryptocurrency markets bounce back. If the ChainLink price is any indication, things will get very interesting this week.
ChainLink Begins Moving up
Most of the cryptocurrency markets note some degree of gains today. How steep those gains will turn out to be, is a different matter altogether. For Chainlink, there is a near 9% improvement on the day. All of this mainly hinges on what happens to Bitcoin, however. If BTC goes down, the rest will follow very quickly.
ChainLink's trading volume looks healthy. In theory, it should be enough to keep the price above $4.25 for today. With LINK/USDT and LINK/BTC bringing in a lot of volume, there could be ample volatility as well.
LINK/USDT Technical Analysis
Bollinger Bands: Very wide BBs for the LINK/USDT segment today. This hints at a decent increase in both liquidity and volatility. Today's price candle is green, but the wicks are much longer than the actual body. In terms of turning bullish, that is not a good sign. An increase in "candle body" would send a much stronger signal.
Moving Averages: The MA20, MA50, and MA200 are all moving up for ChainLink. No divergences appear near, at least for the foreseeable future. In theory, this dictates how the bullish momentum should increase. Bitcoin's momentum may spoil that outlook, however.
RSI: ChainLink's RSI has been in overbought territory for 11 days now. Despite some dips along the way, the overall trend remains positive. Another sign of a continuation of the uptrend, albeit nothing comes easy in the cryptocurrency industry.
Resistance Levels: The $4.33 level will be a minor resistance, as it is primarily a liquidity check. Pushing through to $4.43 will be the first big hurdle to overcome. If LINK/USDT can get there, reaching $4.6 may be a matter of time.
LINK/BTC Technical Analysis
Bollinger Bands: Very wide Bollinger Bands for LINK/BTC at this time. With ample of green candles, this uptrend is likely to keep going for a while longer. Future gains may not be that steep, but any improvement needs to be welcomed with open arms.
Moving Averages: Similar to LINK/USDT, the MA20, MA50, and MA200 keep moving up slightly. No divergences here either, thus a continuation of the uptrend is likely. That is, assuming Bitcoin doesn't drop by a few hundred dollars again.
RSI: Plenty of action in overbought territory here as well. A few hurdles and dips have been overcome successfully. That seems to confirm that LINK/BTC will remain in an uptrend. As such, the previously established all-time highs may come into play fairly quickly.
Resistance Levels: For the time being, the 45.000 Satoshi level remains under pressure. If support can be found, nothing really prevents a push to 46,118 Satoshi or even 47,701 Satoshi. There is a lot of momentum to look forward to, if the markets remain stable.
