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On March 30, Chainlink ($LINK) price gained bullish momentum after surging over 3% on a daily chart after upward momentum in the major cryptocurrencies, including Bitcoin (BTC). According to experts, the cryptocurrency is heading toward a major breakout zone after the rally in the cryptocurrency.
Chainlink ($LINK) Price Moves Toward Crucial Zone
After the spike on Monday, Chainlink’s price soared from $8.45 to $8.69 with a market capitalization of $6.22 billion, according to CoinMarketCap. Its daily trading volume is $357 million after a 50% jump.
Chainlink ($LINK) price is heading toward an important zone after a major downward trend, with price now testing a major support zone that could help traders to decide the next move of the cryptocurrency.
(Source: CoinMarketCap Community)
In the 4-hour timeframe, Chainlink ($LINK) has been grinding lower within a bearish structure. However, the price is now interacting with a major horizontal support cluster in the $8.80 to $9.00 zone.
According to the chart, the downward pressure appears to be weakening as its declining selling volume. This convergence of factors suggests the potential for a reversal attempt at this level.
Chainlink ($LINK) price is currently trading near $8.767, with immediate resistance sitting at $9.07 to $9.25. A breakout above this resistance zone would provide early confirmation of a trend shift.
This is the clear sign of changing momentum, including a Break of Structure (BOS) and Change of Character (CHOH) on recent swings. Both of these indicate that the prevailing downtrend may be losing strength.
The Relative Strength Index (RSI) is currently in oversold territory, with early signs of a bullish divergence forming. This precedes a reversal when accompanied by price holding key support.
Chainlink and Anchorage Digital Support New Crypto Pack
Chainlink Labs and Anchorage Digital have become founding supporters of the Blockchain Leadership Fund (BLF), which is a new bipartisan “hybrid” Political Action Committee (PAC) launched on March 30.
Chainlink Labs and Anchorage Digital say that the industry must “show up” now to develop rules instead of just following them later.
Chainlink Spokesperson stated in the press release, “The legislative path for digital assets is clearer than it’s been in years, yet still fragile. The market structure bill is where the real complexity lives, and the candidates willing to work through that complexity deserve sustained, organized support from the industry. That’s what the Blockchain Leadership Fund is built to do. Chainlink’s institutional partners are already building on blockchain infrastructure, and BLF is ensuring the policy environment can scale that adoption with the clarity and momentum the industry requires.”
The crypto sector is struggling to get regulatory clarity even after U.S. President Donald Trump’s intense legislative efforts. Also, the delay in the approval of the CLARITY Act has affected the market sentiment, forcing the crypto industry to operate in ambiguity.