Chainlink (LINK) Back above $15; Can Liquidity Search Trigger More Upside?

Chainlink has had its price reactions inside a range since 2021 June. Meanwhile, the previous month saw the alternative coin dipping below these lows, but enough demand pushed LINK back higher.

Upsides emerged after positive news within the marketplace. For instance, Chainlink collaborated with Lemonade Crypto Climate Coalition. That way, the platform will ensure subsistence farmers access weather insurance.

Chainlink – 1 Day

Chainlink’s price rose beyond the former resistance at $15.3 and appeared ready to retest the zone as support. LINK can climb towards the bearish order block at $18 without hassle. Nevertheless, the crypto might encounter massive selling momentum at the $18 zone. Long-term market players can use the area to trap their long positions.

On the other side, the $18 – $19.5 range represents Volume Profile Visible Range’s Value Area Lows. Therefore, Chainlink moving into the territory will mean a bullish motion. Which one? An uptrend confirmation of LINK’s bull trap? Bitcoin’s price reactions remain crucial in that case. Meanwhile, demand accompanied by the move towards and beyond $18 in the upcoming weeks would confirm an upward trend for Chainlink.

Reasoning

Where would this demand emerge? The on-balance volume (OBV) remains a reliable and simple tool. For now, OBV is yet to display a potential bullish reversal. Nevertheless, the indicator showed that March had slightly higher buying than selling, but the margin wasn’t enough.

The Relative Strength Index rose past the neutral 50 again. Moreover, the indicator displayed a bullish bias on LINK’s daily timeframe. The DMI didn’t show any significant trend for Chainlink. Meanwhile, the ADX stayed below 20.

For now, Chainlink hovers well beyond the vital $15.3 mark. While writing this content, the alt exhibits bullish tendencies, changing hands at $16.14, with a 2.04% overnight surge. Moreover, LINK seems on the road to fulfilling its upside goals. As highlighted before, BTC’s upcoming movements will determine LINK’s fate.

Final Thought

Chainlink price analysis reveals a bullish outlook for the altcoin in the coming weeks. Liquidity attracts price, and now than LINK broker past $15.3, it might retest the level as support before eyeing higher levels. Such a move will see the crypto climbing towards $18, then $19.5.

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