The recent week has proven to be very interesting for the entire cryptocurrency industry. The past week began with market data that was not good for the eyes of the investors. All it did was give rise to many uncertainties among the investors with the negative data statistics.
LINK Started Performing Well Mid-Week
Although LINK started off with a downtrend from the start of the week its fortune shined mid-week. In the mid-week, the trading price of LINK started to take off in response to a significant rally formed by the bulls.
It seems that following the rally, LINK has jumped on the bandwagon of the bulls and it is still sailing on a high tide.
The rise in the Trading Price of LINK
If we look at the price chart of LINK, it shows that the trading price of LINK was at a lower level. The trading price of LINK was experiencing a bearish trend before it started recording a rally.
Initially, it was expected that the rally will remain in action for the short term. However, the rally has continued growing stronger and it is still ongoing, which is constantly moving the trading price of LINK higher. This has continued pushing the trading price of LINK over the resistance levels.
LINK Experiences a 31% Rally
The data shows that on July 27, the trading price of LINK was at a lower level. However, by July 29, the trading price of LINK peaked and at the time of writing, it is hovering around $8.12.
It is due to the recent rally that the trading price of LINK has managed to break above the resistance level. The data suggests that it was since the mid of June that the trading price of LINK had been barred by the resistance level.
Finally, after almost more than 40 days, the trading price of LINK managed to break above the resistance level.
LINK’s Demand in the Market
Following the strong rally, the trading price of LINK has come into great demand. Investors have been rallying in favor of the digital asset and it is gaining tremendously from such activities. In the past, it was the short-term profiting by the investors that kept it from moving in the upward direction.
It is predicted that if the bulls are able to sustain the pressure of the bears, then the price of LINK may succeed in staying over $8.12.
The RSI for LINK has also managed to break into the bullish territory, and it may continue supporting the bullish trend. If the bulls keep supporting LINK, then its trading price may continue rising and may get pushed over $9.6.