Published 14 hours ago
Despite the last few day’s sell-off in the crypto market, the Chainlink price managed to sustain above the $8 support. This newly acquired support bolsters buyers to break the overhead range resistance of $9.4. Moreover, the rising volume activity as the price approaches the resistance indicates a strong possibility for a bullish breakout
Key points:
- A bullish breakout from $9.4 resistance will open an 18% growth opportunity for chainlink price
- The rising RSI slope indicates a sustained buying rally
- The intraday trading volume in the LINK coin is $1.7 Billion, indicating a 207% gain.
Source- Tradingview
The chainlink coin price has strictly followed a range-bound movement over the past six months. The $9.4 and $5.7 are extreme ends of this range and restrict any trading activity beyond them. Furthermore, amid the recent recovery in the crypto market, the altcoin jumped from $6.6 support to $9.4 resistance. This bullish recovery registered a 42% growth over the past three weeks and encouraged buyers to rechallenge the range resistance($9.4).
Moreover, with the US market gaining strong today, the crypto market offset the early-day sell-off and tries to sustain higher ground. As a result, the Chainlink price, which dropped nearly 10% today, reverted immediately and showed a 3% gain by the press time.
The coin currently trades at $9.17 and shows a breakout attempt from the $9.4 resistance. A daily candle closing above the aforementioned resistance will release the trapped bullish momentum and provide a long entry opportunity.
This development will accelerate the bullish momentum and drive the prices 18.5% higher to hit the $11 resistance.
Conversely, if the prices remain below the $9.4 resistance, the risk of a bearish reversal remains intact.
Technical Indicator
EMAs: the 20, 50, and 100 EMAs accumulated at the $8 level give some additional support to maintain a bullish rally. However, the 200-day EMA still sides on the selling side.
MACD indicator: the rising gap between the MACD and signal line indicates growing bullish momentum and sustained rally.
Chainlink Coin Price Intraday Levels
- Spot rate: $9.1
- Trend: Bullish
- Volatility: High
- Resistance levels- $9.4 and $11
- Support levels- $8 and $6.6
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/chainlink-price-strikes-the-multi-month-resistance-is-it-safe-to-hold/