- Chainlink surges 61% weekly, riding the wave of positive crypto market sentiment.
- Bitcoin ETF anticipation boosts LINK’s market cap, but trading volume dips.
- LINK faces resistance at $11.4 and $12.00 after failing to break $11.26, while MFI signals potential selling pressure.
In the recent week, the Chainlink (LINK) market has shown bullish dominance, gaining more than 61% from an intra-week low of $7.54 to a high of $11.8 before seeing a modest retracement.
The current price increase in Chainlink may be linked to the general optimistic feeling in the crypto market over the past week, fueled by the expectation of Bitcoin ETFs hitting the market soon.
This event has resulted in a significant boost in the price of Bitcoin, which has benefited the broader market. Furthermore, the market capitalization of LINK increased by 1.73% to $6,178,888,812, but the 24-hour trading volume decreased by 3.61% to $768,131,501. Profit-taking by certain investors who have experienced substantial profits in the recent price spike might explain the drop in trading activity.
LINK/USD 24-hour price chart (source: CoinStats)
However, positive momentum has waned in the previou…
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