LINK buyers start accumulation, but resistance level stalls efforts

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Chainlink [LINK] noted increases in Key Performance Indicators, although LINK has seen little price gains after the rally in early 2023. On the charts, LINK faced some serious obstacles from the sellers in the $7.5 zone.

Is your portfolio green? Check the Chainlink Profit Calculator

However, investors can remain in good cheer. An increase in Transaction Value Secured (TVS) and more price feed transactions captured translated came alongside a rising number of active developers and code commits, and Chainlink reported a substantial uptick in earnings. Will LINK reflect this positive outlook soon?

Source: LINK/USDT on TradingView

Over the past month, Chainlink has traded within the $6.85 and $7.6 levels of support and resistance. This indicated range-bound price action on lower timeframes. An analysis of the one-day chart showed that the past month’s range came after a period of significant volatility in late February and early March.

The market structure can be interpreted in two ways. The more aggressive approach indicated that Chainlink has a bullish bias on the daily timeframe after breaking out past the $7 level in March. However, bulls must be cautious. The reaction from the imbalance at $7.1 saw LINK bounce to $7.6 on 5 April.

How much are 1,10,100 LINKs worth today?

Since then, Chainlink bears have clawed back those gains, which suggested that sellers were likely to force prices beneath the $7 mark soon. The RSI was at 48 and showed neutral momentum.

The uptrend on the OBV in recent months showed buyers were much stronger, but that does not rule out the possibility of a drop