LINK/USD achieved record values late in the weekend when it came within shouting distance of the 53.00000 level. A reversal lower has certainly occurred, and what can be defined as a flash crash slightly below the 41.00000 juncture was experienced yesterday. However, after putting in this decline, LINK/USD has become fairly stable again and has been trading between the junctures of44.50000 and 46.60000 a majority of the time.
Having made record highs only a day-and-a-half ago, LINK/USD is showing the ability to remain speculatively strong, and it is definitely within the upper band of its price range. Key resistance looks to be the 46.95000 mark and towards the 48.80000 vicinity. If these levels begin to be tested, it could spur on additional bullish sentiment for Chainlink.
The broad cryptocurrency market has seen some profit-taking early this week, but this has developed after many of the major digital coins have flirted with record values. As of this writing, Chainlink is ranked as the 13th biggest cryptocurrency per its market capitalization, which keeps it in front of many traders eyes. LINK/USD has put in a strong upwards move like its major counterparts over the last six months. On the 24th of December of 2020, the cryptocurrency was trading near 10.00000.
Significantly, after achieving a high value in the middle of April and trading slightly above the 44.00000 juncture, LINK/USD did fall to a low of nearly 30.00000 on the 26th of April. Since trading near these lows, LINK/USD has been able to achieve an incremental rise in value. After climbing to new high values on the 4th of May, Chainlink has established the mid-April value of 44.00000 as important support.
Speculators who want to continue pursuing upwards momentum in LINK/USD can use the support level of 44.40000 as an important road sign. If Chainlink is able to sustain its current price and not challenge this important support level below, LINK/USD may be able to continue pushing higher in the near term.
Volatility has certainly been seen in Chainlink after the new highs were achieved this past weekend, but that is part of the trading landscape within cryptocurrencies as profit-taking is demonstrated. Traders should use limit orders when wagering on LINK/USD. Cautious speculators may want to wait for a slight pullback lower before buying into the cryptocurrency short term.
Chainlink Short-Term Outlook:
Current Resistance: 49.50000
Current Support: 44.40000
High Target: 53.00000
Low Target: 37.70000
