Chainlink Defies Red Crypto Market, Trading Higher Than Ethereum And Bitcoin

Chainlink LINK/USD is trading up Friday in a crypto market that is falling lower. It is trading higher than most popular cryptos, including Bitcoin BTC/USD and Ethereum ETH/USD.

Chainlink's price has reclaimed support and given the cryptocurrency a more bullish look. If the crypto can hold above the support line, it could see a breakout over resistance in the coming weeks.

Chainlink was up 3.30% at $26.50 at the time of publication Friday.

Chainlink Daily Chart Analysis

• Chainlink has seen a few green days in a row and has reclaimed the higher low trendline support. This shows the crypto is seeing bullish momentum in a market that is trading lower overall. If the crypto can continue to move higher, it may go past the $35 price level and see a breakout.
• The crypto trades above both the 50-day moving average (green) and the 200-day moving average (blue), indicating the crypto is seeing recent bullish sentiment. Each of these moving averages may hold as an area of support in the future.
• The Relative Strength Index (RSI) has been flying higher the past few weeks and now sits at 65. This shows buyers have been pouring into the crypto, making the buying pressure in the crypto much higher than the selling pressure.

What’s Next For Chainlink?

Chainlink climbing past support is a very bullish sign for the crypto, especially in a market that is trading lower overall. Bullish traders want to see the crypto continue to hold above the support, and then are looking for the price to break above the $35 level and hold above it for a time, possibly to see a further strong bullish move. Bearish traders are looking to see the crypto fall back below the higher low trendline and be able to hold below it. This could possibly hint at the beginning of a long-term downtrend.

Photo by Edge2Edge Media on Unsplash