Key takeout
- Link has risen 4% over the last 24 hours and is currently trading at $14.
- The coin can quickly gather towards $17, following weeks of accumulation around the $13 area.
The cryptocurrency market has resumed its upward rally after a bad start this week. Bitcoin is once again trading above $109,000, while the ether is above the $2,600 resistance level.
ChainLink’s link is one of the top performers of the 20 major cryptocurrencies by market capitalization, and is set to be high in the short term.
The link is set to escape from the accumulation zone
Link, a native coin in the ChainLink ecosystem, has been accumulating over the past few weeks. Despite the recent partnership between ChainLink and MasterCard and other protocols that integrate a variety of products, accumulation arises.
The coin has been trading between $12 and $14 in recent weeks. However, long periods of accumulation could quickly suggest a breakout, with many analysts hoping to reach the $17 mark soon.
The Bulls push harder and link their eyes to $17
Link/USD 4-hour chart is bullish and efficient thanks to ongoing rally. Also, after Link wiped out liquidity around $12.8 over the weekend, the pair was efficient, suggesting that the Bulls are preparing another foot.
A relative strength index (RSI) of 64 indicates the purchase pressure of the link, and the positive zone MACD lines also indicate that the Bulls are under control.
If the meeting continues, the link can test its first major resistance level for $15.7 in the coming hours or days. The extended bull period will be available for trading links around a $17.9 resistance level for the first time since May.
However, if you plan to exceed the January high of $26, the link will need the help of the broader crypto market.
The $12.6 TLQ supports the link very strongly, and if the market becomes bearish, the Bulls could defend this level. If you fail to follow the $12.6 support level, the link will be able to retest the minimum $10.9 in June.
