Crypto
Chainlink Price Stalls at Resistance
Chainlink's price surge to $12.30 on September 19th may seem promising, but the technical indicators tell a more nuanced story.
The MACD momentum has flatlined, and open interest has collapsed by 11.83%, indicating that traders are losing conviction in the rally.
Despite this, Chainlink is trading above every major moving average on the daily chart, with its SMA 7, 20, 50, and 200 all stacked beneath current price at $11.51, $11.73, $10.54, and $9.21 respectively.
This bullish configuration suggests that any macro crypto tailwind, such as a fresh wave of DeFi capital rotation, could lift Chainlink's price with it.