Chainlink (LINK) is gaining traction as it approaches key resistance levels, driven by strong technical signals. The DMI shows significant bullish momentum, with a high Positive Directional Index (+DI) and a strong Average Directional Index (ADX), suggesting a sustainable uptrend.
The 7-day MVRV ratio for LINK stands at 7.9%, indicating room for price growth but caution is advised as the ratio nears 10%, a level historically linked to price corrections. High MVRV values often signal increased selling pressure.
The recent formation of a golden cross in LINK's EMA lines has led to a 20% price surge. This bullish indicator suggests further upward potential, especially if LINK breaks through resistance levels at $13.9 and $15, potentially reaching $19.1. However, a reversal could see the price drop to key support at $9.9.
Overall, while the bullish indicators are strong, traders should monitor key resistance and support levels, as well as the MVRV ratio, to anticipate potential price movements.
