Amid the rise in total cryptocurrency market capitalization, Chainlink shows dynamic price changes despite decreased trading volumes.
Current Market Situation
As the crypto market capitalization rose by 1.50% to reach $3.65 trillion, major assets exhibit varied price actions. Bitcoin continues to trade within the $101K range. Among altcoins, Chainlink managed a 4.46% increase over the past day, reaching $29.62. LINK's daily trading volume fell by over 41.9%, amounting to $1.93 billion.
Chainlink Price Analysis and Forecast
LINK's price momentum was strongly influenced by the recent purchase by Donald Trump's World Liberty Financial. Analysts forecast a potential price increase for LINK, possibly reaching $50 soon. Over the past week, the price rose over 18%, starting at $25.
Technical Analysis of LINK
The four-hour price chart of LINK shows that bulls could drive the current trading levels higher. Breaking the resistance could lead to testing the $33.87 level and beyond. The current positive money flow and neutral relative strength index (RSI) confirm potential growth, yet if it dips, the price might fall to support at $27.64.
Despite the ongoing market volatility, Chainlink continues to show significant results among altcoins, possibly indicating sustained investor interest.
