- Chainlink price is up 16% on the week.
- LINK could rally toward $9.46 in the short term.
- Invalidation of the bullish thesis would come from a breach below $6.81.
This week, Chainlink price has been one of the top-performing crypto assets, showing outstanding performance, while other cryptocurrencies have produced mundane price action. Traders should move Chainlink toward a top priority token on their watchlists as more volatility could ensue in the coming days.
Chainlink price is getting volatile
Chainlink price has been deemed one of the top crypto-performing assets this week, as the digital asset has risen by 16%. The bull surge has taken investors by surprise as the majority of cryptocurrencies have produced mundane price action. The uptick and volatility are optimistic signals that more uptrend potential is in the future.
Chainlink price is currently trading at $7.93. The 8-day exponential and 21-day simple moving averages are under the Chainlink price., which suggests short-term bullish support. The weekly outlook shows a ramping pattern on the Relative Strength Index (RSI) and dually displays a significant amount of room to rise before reaching the next resistance zone near 60 on the RSI.
Considering these factors, the liquidity above the November high at $9.47 is subject to getting tested. A barrier breach would result in a 20% increase from LINK's current price.
LINK/USDT 1-Day Chart
Invalidation of the bullish thesis would arise from a breach below this week's opening price of $6.81. If the breach occurs, the bears could push the price towards the November low at $6.52, resulting in a 32% decrease from the chain link's price today.
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