Chainlink is back at its lower value areas after mimicking Bitcoin’s revival for some days. The altcoin battles to recover after dipping towards $6.83 within the past few hours. Meanwhile, the altcoin has climbed to $7.51 from $6.20 between July 16 and July 20. The July 20 trading sessions saw the asset’s trading volume gaining 27.8% before plunging again.
LINK’s trading volume remained lower during this publication, hovering at $802,084,720. Also, Chainlink saw some integrations lately, contributing to a slight price surge. Indeed, the altcoin has enjoyed lucrative developments for some days. However, how did LINK arrive at its current level?
What Has Leaked?
A few events emerged within the past 24 hours. The LINK/USD chart confirmed that the token battled to surpass the resistance at $7.34. Though LINK appeared determined to cross the level, it submitted and finally dropped beneath $7. However, investors have been monitoring the altcoin, anticipating a rebound. However, this expectation appears unlikely as far as near-term trends are concerned.
The trajectory might be unachievable due to the EMA’s (Exponential Moving Average) state. LINK might endure more declines as the current price appear primed to move beneath the EMA. Furthermore, the 20 and 50-period Exponential Moving Average mimics similar uptrends. Chainlink might see a minor bullish action as the 20 EMA stays beyond the 50 EMA. Still, we can see a direction to either side as the EMAs are ‘extremely’ near.
Also, the RSI (Relative Strength Index) prints EMA-like movements. The RSI read 58.91 while publishing this post. That confirmed a lucrative buying momentum. Regardless of the balance, investors should remain vigilant when evaluating LINK’s movements.
On-Chain Analysis
Santiment data shows Chainlink is relatively steady. Though the token’s market capitalization surged as the prices climbed, it has declined to $3.22B, levels it explored one month ago. Nevertheless, its developer activity averagely improved. As highlighted earlier, this could be because of recent integrations.
LINK does not appear to perform poorly regardless of the fluctuations. Nevertheless, investors should exercise patients with their LINK’s near-term optimism.
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