Chainlink Captures the First Place on CoinMarket Cap’s Trending List

Bits Logics Team . 06th Oct 2023

• Chainlink captures the first place on CoinMarketCap’s trending list. 
• LINK started the week on a positive note but ended up spending the latter below the opening market price.
• The token may reach the $5.8 level before it charges to the $8.5 level.

Chainlink has captured the first place in the trending list on CoinMarketCap. LINK is trading at $7.5, at press time after losing 3.31% of its value within the last 7 days. The last week was an eventful week for LINK as in the first half it was above the opening market price while in the latter half of the week, LINK was overtaken by the bears, which drove it into the red zone. During, the past week LINK was trading at $7.76 when the markets opened for trading. 

LINK reached its maximum price of $8.24 on the first day of the week, and thereafter it was making lower lows and lower highs until it reached the red zone. And even below the red zone, LINK was not able to recover as the bears were on charge. 

When looking at the chart below, it could be noted that LINK retraced after touching the upper Bollinger band. Currently, it is near the Simple Moving Average.  As per its behavior in the past, it could noted that it reached for support at the Point of Control close to $7.2.

In the event that the Point of Control is broken, then LINK may crash to $5.82 looking for support. After reaching this support, if the bulls take over the market and buy the dip, then there is a high chance that Chainlink could reach $8.52. However, above the current price that LINK is at right now, there seems to be less trading. This slims down the chances of LINK spiking. It is worth noting that there is more buying and selling happening below LINK’s present price. 

Nonetheless, the Accumulation/Distribution Line (ADL) shows a value of 849M and the line seems to be going up, this shows that there is more accumulation. Hence, traders may need to take precautionary measures.

Disclaimer:The information and analysis are intended for informational purposes only. All views and opinions expressed should not be considered as financial, investment, or trading advice. Readers are strongly encouraged to conduct their own research before making any investment decisions. Any actions taken based on the information presented by Bits Logics are at the reader’s own risk. The author or any affiliated parties shall not be held liable for any direct or indirect damages or losses resulting from such actions.