Chainlink Price Analysis: LINK/USD bears are ready to act after 30% price increase

Chainlink (LINK) is on fire again. The coin increased by over 30% in the recent 24 hours and nearly 15% since the start of the day to trade at $8.00 by press time. LINK/USD hit $8,49 during early Asian hours, which is the highest level on record. Notably, Chainlink's upside momentum coincides with the strong growth of trading volumes that exceeded $1.5 billion in the recent 24 hours. At the time of writing, LINK takes 10th place in the global cryptocurrency rating with a market value of $2.79 billion. 

LINK/USD: Technical picture

As we have previously reported, LINK smashed above several psychological resistance levels, while a sustainable move above $7.00 created a strong upside bias that brought the price to the new all-time highs. Considering that the asset is grossly overbought with the daily RSI showing signs of reversal, we may expect a downside correction towards initial support created by the upper line of the daily Bollinger Band at $7.35. if it is cleared $7.00 will come into focus, followed by $6.00 that served as a jumping-off ground for the previous bullish move.

If the price manages to settle above $8.00, the recent high of $8.49 will come back into focus. Above this area, the coin is mostly in uncharted territory with the next aim at $9.00 and potentially $10.00.

LINK/USD daily chart