Wu Blockchain revealed in an X post today that the price of Chainlink (LINK) surged more than 18% over the past 24 hours. According to the post, this price spike was the biggest gain recorded on the top 15 list over the past 24 hours. During the same period, the trading volume for the LINK smart contract also skyrocketed to $2.3 billion.
In the past 24h, LINK has risen by more than 18%, making it the token with the highest increase among the top 15. The spot trading volume is mainly concentrated in BIKA, Binance and Topcredit Int, but BIKA and Topcredit Int are less credible. The trading volume of LINK contract…
— Wu Blockchain (@WuBlockchain) October 22, 2023
Meanwhile, CoinMarketCap data indicated that LINK’s price had continued to rise after Wu Blockchain’s post. Subsequently, the cryptocurrency’s 24-hour gain stood at just under 26% at press time. This latest increase in price also pushed the altcoin’s weekly performance to +30.91%. As a result, the cryptocurrency was trading hands at $9.61.
Daily chart for LINK/USDT (Source: TradingView)
From a technical perspective, LINK had blown past several resistance levels over the past 24-48 hours. The first barrier that the altcoin breached was the resistance level at $7.940. Thereafter, LINK’s price broke above the $8.60 and $9.175 thresholds, and continued to trade above these levels at press time.
Should LINK close today’s trading session above the $9.175 mark, then it may have the foundation needed to rise to the subsequent resistance level in the coming couple of days. In this scenario, the cryptocurrency’s value could rise to as high as $10.635 in the coming week.
On the other hand, if LINK closes a daily candle below the $9.175 price point, then it may retest the $8.60 support level. Should the sell pressure persist, the altcoin’s value could call to $7.940 in the next couple of days.
Traders and investors will want to take note of the fact that a long-term bullish technical indicator was recently triggered on LINK’s daily chart. Over the past 48 hours, the 100-day EMA line crossed above the 200-day EMA line. This suggested that long-term momentum has shifted in favor of bulls and LINK’s price may continue to rise in the coming few weeks.
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