The caller week has kicked disconnected with a question of optimism crossed the crypto market, arsenic astir large altcoins are flashing green. Among them, Chainlink (LINK ($12.48)) has captured attraction with a promising rebound supra the $22 zone. The token is presently trading astir $22.37, marking a 1.18% summation successful the past 24 hours. This dependable ascent suggests that LINK could beryllium preparing for a broader determination if bullish unit continues done the week.

Strong Support Around $22 arsenic Bulls Regain Control

Over the past 24 hours, LINK has successfully held the $22.00 intelligence level, which coincides intimately with the 20 EMA (Exponential Moving Average) astatine $22.07. This convergence of enactment zones provides a strong basal for imaginable upward momentum.

The 50 EMA astatine $22.15 and 100 EMA astatine $22.20 are besides sitting conscionable beneath the existent price, forming a beardown clump of dynamic support. This alignment often signals an upcoming bullish breakout erstwhile sustained. The 200 EMA astatine $22.34 acts arsenic contiguous resistance, and a wide candle adjacent supra it could trigger a propulsion toward $23.00 and perchance $23.50 successful the abbreviated term.

^{LINK 24 Chart}

In essence, LINK’s existent positioning supra aggregate EMAs reflects marketplace powerfulness and increasing assurance among short-term traders. The convergence of these moving averages suggests reduced selling unit and imaginable complaint enlargement successful the sessions ahead.

Related article: LINK Climbs 58% successful August – Will September Deliver $30 and Beyond?

RSI Signals Neutral Zone With Early Bullish Divergence

On the little conception of the chart, the RSI Divergence (5, 14) indicator sits astatine 8.94, suggesting a near-neutral to somewhat oversold information earlier, followed by a mild recovery. The caller upward slope successful RSI shows that momentum is gradually shifting successful favour of buyers aft past week’s correction.

Although LINK hasn’t yet entered the overbought zone, this setup often precedes stronger rallies if accompanied by a sustained emergence successful volume. The RSI’s greenish divergence lines besides hint astatine increasing buying activity, which supports the bullish lawsuit for a short-term continuation.

Key Zones to Watch: Support and Resistance

In the lawsuit of a retracement, the adjacent disposable enactment lies astir $21.82, followed by a secondary request country adjacent $21.00. Below that, the highlighted purple request portion betwixt $20.50 – $20.80 remains crucial. A interruption beneath this portion could exposure LINK to a deeper dip toward $19.55, a level not revisited since precocious September.

On the upside, contiguous Resistance is recovered adjacent $22.80, and a breakout supra $23.00 could unfastened the mode for a retest of $23.80 – $24.00. If momentum sustains, LINK could purpose for $25.00 successful the coming days, which would align with the broader bullish inclination seen crossed the crypto market.

Market Context: A Green Start to the Week

The broader crypto marketplace has opened this week connected a affirmative note, with respective starring altcoins posting mean gains. Bitcoin’s stableness supra cardinal enactment zones has besides improved marketplace sentiment, allowing tokens similar LINK to rebound strongly.

If this greenish momentum persists crossed large pairs, LINK could payment from renewed liquidity inflows and risk-on sentiment among traders. The ongoing alignment of EMAs further reinforces this scenario, hinting astatine the aboriginal stages of a bullish crossover.

The station Chainlink (LINK) 24 Hours Price Analysis: LINK Defends $22 Support Amid Renewed Bullish Momentum: What Does This Mean? appeared archetypal connected FXcrypto News.