LINK Price Today Slips Slightly as Traders Track Breakout Setup

Chainlink’s price today has been trading above $10, with investors awaiting to see if LINK is able to continue its recent rally from BTC.

In addition to the recent move in Bitcoin’s price, fresh analyst charts indicated that LINK was testing major resistance areas with market strength from LINK/BTC.

According to data from BraveNewCoin, the price of Chainlink is $10.32, down 0.91% in the past 24 hours. But observers have been looking to see if LINK can continue to push higher than the $10.50 level and move from accumulation to a more prominent breakout period.

LINK BTC Candle Shows Strength

The trend of strength is indicated by the LINK BTC Candle. In a statement, LINK/BTC formed a strong weekly candle, which was an indication of strength within the crypto market, not just Bitcoin. The chart he drew indicated that LINK/BTC had been in a long downtrend but was now pressing higher to create a higher-low chart pattern around the bottom of the range.

According to his perspective, the earlier 40% increase in Bitcoin has raised the confidence of the entire market. This confidence can drive investment into other cryptocurrencies as traders look for more promising opportunities and higher returns.

In particular, the X chart of van de Poppe noted that LINK/BTC had surmounted the 21-week moving average. The pair now has an opportunity to see if the longer-term decline can come to an end following all the compression that has taken place over the past few months.

The chart is still showing a descending trendline above current levels. That line has to be broken before LINK/BTC can move completely over into the larger structure, but the weekly candle has added activity to the setup.

LINK Tests $10.50 Resistance

Kamran Asghar stated that LINK is trying the top limit in the ascending channel. After several months of organised price accumulation, his chart indicated the price was moving from the bottom of the channel towards the top.

The area of resistance for the current price is approximately $10.50. If it could move above that level, it would demonstrate increased demand and potentially alter the short-term market structure following a few days of range trading.

The chart set LINK around $10.37 during the latest test, meanwhile. Price had been rising steadily throughout May and arrived at the top of the channel to try to run out the clock with sellers.

But if rejected at this level, it would not crush the structure immediately. LINK would still be in the ascending channel, and traders would be observing if buyers hold the lower and mid-ranges on any pullback.

Price Data Shows Tight Range

At the time of this writing, BraveNewCoin data indicates that Chainlink is trading at $10.32. The token’s price stayed near the breakout area, ranging in value from $10.30 to $10.59 over the last 24 hours.

The value of market capitalization was $7.51 billion, and trading volume was $304.90 million. Supply of the token was reported to be 727.10 million LINK, and the token was at rank 23 on the data platform.

Crypto Patel X chart referenced a larger long-term pattern and described LINK’s accumulation zone as being between $6 and $9. The time frame of his chart was bullish following the previous cycle down, culminating in long-term targets of $50 and $100.

Even so, LINK remains 80.41% below its $52.70 all-time high from May 10, 2021. The immediate story here to watch is a continuation above $10.50; if it does, the recovery story wins the day. If it doesn’t, then it may stay in its channel.