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Chainlink [LINK] settles near $27; has room to move on the upside

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Chainlink [LINK] has performed decently during the course of the recent market recovery and was still up by 7.67% over the past week. LINK has reached the target of the governing chart pattern and has surged by over 103% since July 20 low. Despite the minor weekend setback, the increasing volatility in the coin market can add credence to the overall bullish thesis.

Over the past 24-hours, Chainlink [LINK] has dropped by 3.93% which took its price to $26.63. At the time of writing, the digital asset registered a market cap of $11.74 billion and a 24-hour trading volume of $1.08 billion.

Chainlink [LINK] Daily Price Chart:

LINK1

Chainlink [LINK] price trend has been noteworthy as it was close to June levels. The placement of moving averages on the daily chart also looks optimistic. After hovering above the LINK candles, for the most part, the 50 DMA [Pink] and the 100 DMA [Blue] slid below. The decreasing gauge between the moving averages as it approached a potential bullish crossover further boosted the chances of an extended recovery for LINK.

The 200 DMA [Yellow] has moved closer to the price candles depicting an increasing bullishness in the market. If the crypto-asset reclaims this level, crucial resistance points will come into play.

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Moreover, the volume in the coin market has been substantial and appeared to be firmly backing the uptrend which was another positive sign.

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The dotted markers of Parabolic SAR were aligned below the candles after a brief period of stagnancy in the market. The green closing bars of the Awesome Oscillator [AO] also depicted a strong bullish momentum as Chainlink continued to climb higher. The Relative Strength Index [RSI] bounced back from the lower ceiling of the overbought territory suggesting investors have faced selling pressure at higher highs even as the overall sentiment remained highly bullish.

Currently, Chainlink’s nearest resistance levels stood at $33.8 and $42.48, which, if broken, could help in reclaiming its ATH. The asset’s support points, on the other hand, were at $24.4 and $13.6 respectively.

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