Published 41 mins ago
In the daily time frame chart, the chainlink coin shows an evident sideways trend where the prices resonate within the $9.48 and $5.4 marks. The coin price rebounded from both these levels at least indicates the traders are strictly responding to these levels. Moreover, this range setup has affected the LINK price for nearly a year and therefore will have a significant influence on the future trend.
Key Points:
- The chainlink price rising for six consecutive days reflects strong bullish momentum in the market.
- With sustained buying, the LINK price will challenge a high supply zone of $9.48
- The intraday trading volume in the LINK coin is $484.5 Million, indicating a 13% gain.
Source- Tradingview
The chainlink price has witnessed significant growth since last week, registering a 23.5% growth from the $7 psychological support. This bullish growth backed by rising volume indicates sustained buying in the market.
Amid this recovery, the coin price breaches a five-month high of $8.3, offering a significant launchpad for buyers to resume a bullish rally. As of now, the LINK price trades at $8.6 with an intraday gain of 6%.
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However, the prices may retest the $8.3 breached resistance to check price sustainability at higher ground. This retest could offer an entry opportunity to interested buyers which may drive the prices by 10% to hit the multi-month resistance of $9.48.
Anyhow, the chainlink coin holders should be extremely cautious at this resistance, as the high supply pressure at $9.48 could trigger a new correction cycle.
Conversely, a breakout from the aforementioned level will signal an early sign of trend reversal.
Technical Indicator
Bollinger Band: the coin price hitting the upper band of the Bollinger band indicator reflects the buying activity is aggressive for the time spent and thus a minor pullback is possible to maintain a prolonged recovery.
Relative Strength Index: the daily RSI slope in bullish territory indicates a positive sentiment among traders.
Chainlink Coin Price Intraday Levels
- Spot rate: $8.7
- Trend: Bullish
- Volatility: Low
- Resistance levels- $9.48 and $10.6
- Support levels- $8.3 and $7
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-to-prolong-bullish-recovery-by-10-as-buyers-break-this-key-barrier/