Published 14 hours ago
The Chainlink coin price has remained in a range-bound movement for nearly four months. Furthermore, the technical chart shows that $9.5 and $5.8 are the extreme barriers within which the prices continue to resonate. The recent V-shaped recovery in coin price aims to retest the $9.5 resistance.
Key points:
- A bullish breakout from $8.2 resistance will open a 16.5% growth opportunity for chainlink price
- High-wick rejection at the $8.2 mark suggests the sellers are actively defending this level
- The intraday trading volume in the LINK coin is $635.3 Billion, indicating a 3.52% gain.
Source- Tradingview
Fight off the recent sell-off in the crypto market; the Chainlink price rebounded from a $6.6 local support on September 22nd. The replenished bullish momentum triggered six consecutive green candles with significant boost volume action.
Thus, the bull run accounted for 24.5% growth and breached the overhead resistance of $8.2. However, the interested trade must wait for daily candle closing above this level to confirm a bullish breakout. Doing so will accelerate the ongoing rally to extend its gains.
Thus, the potential recovery should rise 16.5% higher to the range-top resistance of $9.5.
On a contrary note, if the sellers pull the price below the $8.1 level, the narrow consolidation between $8.1 and $6.6 will prolong a few more sessions.
In addition, until the Chainlink coin price resonates within the $9.5 and $5.8 barrier, the short-term trend will remain sideways.
Technical Indicator
Bollinger band indicator: the ongoing rally hints the indicators midline suggests the prices have witnessed a sharp rally in a relatively short time. Thus, the indicator suggests a minor pullback is needed to stabilize the altcoin prices.
Vortex indicator: the multiple crossovers between the VI+ and VI- slope accentuates the narrow consolidation in price action. However, these slopes currently aligned in a bullish setup indicate the buyers have the upper hand.
Chainlink Coin Price Intraday Levels
- Spot rate: $8.21
- Trend: Bullish
- Volatility: Low
- Resistance levels- $8 and $9.5
- Support levels- $7.38 and $6.65
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-coin-winning-streak-sets-its-next-target-at-9-5/