LINK Consolidates Between $21.48 Support and $24.38 Resistance in Active Market Range
- Trading at 24.40, LINK has been testing its resistance level at 24.38 and support level at 21.48.
- The weekly profits indicate 11.4% against USDT, 12.0 relative to BTC, and 11.2 to ETH.
- Only symmetrical triangle patterns attract attention in terms of consolidation within specific market levels on the weekly chart.
Chainlink (LINK) has witnessed strong upward movement recently, with its price currently at $24.40. The token had risen by 11.4% in the previous seven days, reflecting intense short-term activity. Cryptocurrency-wise, LINK was at 0.0002066 BTC and 0.005447 ETH, both of which had risen by 12.0% and 11.2%, respectively, during the week.
This movement places the token at a major resistance point of $24.38, but would be supporting at a point of $21.48, which indicates a high level of interest in the market in establishing short-range boundaries.
Weekly Trading Range Highlights Resistance Pressure
LINK has been stuck in a specific trading range with defined support and resistance at $21.48 and $24.38 respectively. The rollercoaster move over seven days caused a significant movement in pushing the price to the upper limit, straining investor sentiment.
Nonetheless, the next rally was their upper end, which has been holding ahead of the present gains and highlights the significance of the level in recent price action. Traders are closely monitoring the 24-hour range, which reflects price stability while approaching this upper limit.
Cross-Asset Performance Shows Strength Against BTC and ETH
Chainlink’s performance relative to Bitcoin and Ethereum indicates notable gains. LINK’s 12% increase against BTC and 11.2% against ETH underscores relative strength among major cryptocurrencies. Such movements imply that the upward movement in appreciation of LINK is not confined to the USDT trading pairs but also spanned wider crypto markets. Analysts monitoring these measures emphasize how comparing assets can help to measure liquidity and market substitution.
Technical Patterns Suggest Active Market Dynamics
The weekly chart indicates that LINK is consolidating within a long-term symmetrical triangle, with lower support and descending upper trendlines. Notably, the token is approaching the triangle’s upper boundary, which coincides with the $24.38 resistance.
The support at $21.48 has consistently maintained buying interest during dips. As LINK trades within these levels, market activity remains concentrated near critical zones, reflecting both upward pressure and resistance barriers. Monitoring trading volume and price action in this range remains crucial to understanding short-term movements.
