Chainlink (LINK) price traded at $ 9.19 after intraday fluctuations. LINK, which has shown a recovery in recent hours, has approached below $ 9.00 since the first transactions of the week, but managed to move upwards again. Although Chainlink, which stands out among smart contract data providers in the cryptocurrency market, reached its all-time high of $ 52.70 in May 2021, it is currently more than 82 percent below this peak.
According to leading industry data providers such as TradingView and BraveNewCoin, the LINK price decreased by 0.20 percent in the last 24 hours, and the market value of the token reached $6.61 billion during this period. The 24-hour lowest level was recorded as $9.07 and the highest level was recorded as $9.22. CryptoAppsy According to data, Chainlink’s current price is at $ 9.19.
Narrow band movement in price
LINK’s price chart in recent days has fluctuated in a narrow band. The lowest observed level was $9.07, while $9.22 was the highest point of the day. Analysts state that the price encounters a temporary resistance around $9.20, and if this level is exceeded, new resistance targets such as $9.34 and $9.42 may come to the fore.
On the market volume side, a transaction of 178.67 million dollars was carried out, while the total supply was reported to be at the level of 727.10 million LINK. It was observed that the price movement gained upward momentum, especially after receiving an upward reaction from the $9.08 region.
Technical outlook and resistance zones
Market analyst BIGGEST DC claimed in his post on social media platform X that he achieved a return of over 45 percent in recent transactions. Additionally, in the chart of the analyst who evaluates the trading opportunities that arise in the short term, it is also noted that the LINK price moved horizontally at $ 9.12 for a while.
In the last chart cited by the analyst, it was emphasized that “in addition to the previous two short-term formations in LINK, the last position also developed around $ 9.12” and “there was a downward correction from the $ 9.40 level.” It is stated that the closest supports in this range are at $ 9.07, and if the selling pressure increases, $ 8.60 may come to the agenda again.
In technical terms, while significant resistance zones have formed in the range of $9.34-$9.42, it is underlined that these levels must be exceeded for the continuation of the rise. On-chain and chart analysis indicate that if it remains below $9.07, the price may retreat to $9.00 and $8.60.
Short-term momentum strengthens
Relative short-term technical indicators gave positive signals, especially on the MACD side. While both the MACD line and the signal line remain positive within the 0.01 range, the histogram appears to be fluctuating around the zero line and the short-term movement is gaining momentum.
In the observed price movements, it is noted that the recovery in the last hours created a short upward series in intraday candles, and the price accelerated from $ 9.08 to $ 9.19. However, market players see a clear breach of the $9.20-9.22 range as a critical level for confirmation of the rise.
Otherwise, LINK is expected to continue its horizontal movement in the range of $ 9.07-9.22. If the price falls below the support zone, it is predicted that the downward pressure may increase and the $ 8.60 target pointed by the analyst may come to the fore again.
