With Bitcoin stabilising close to the $34K mark, the overhead rejection at $35K brings an abrupt halt in the booming altcoin market. Altcoins like LINK display a price trend, losing momentum as it approaches the next resistance level.
With the recent trendline breakout rally approaching the $12 mark, the LINK price prediction suggests a potential rally continuation.
Ending the long-term streak of downtrend continuation, the LINK price showcases a breakout rally with high momentum. With a spark of 58% in the last ten days, the Chainlink token price skyrockets from $7.2 to $11.54.
The breakout rally finds high sentiments in the crypto market due to trending Bitcoin Spot ETF approval hype. However, with clarifications taking a long, the Uptober spirits decline, and the buying pressure subsides.
In the LINK Price weekly chart, the breakout rally shows solid bullish momentum with strong bullish candles ready to permeate the $12 resistance. Moreover, the improving market conditions will help boost the altcoin market, and LINK holders will gain confidence.
Technical indicators:
EMA: The positive trend in the 50-day and 200-day EMA projects a high possibility of an uptrend continuation. Moreover, the rising average lines will provide a bullish cushion during short correction phases.
MACD indicator: The MACD indicator shows a bullish crossover gaining spread in the weekly chart. With high rise bullish histogram increasing, the underlying demand for LINK price increases.
Will LINK Price Reach $12?
As the overall trend remains positive for Chainlink, the buyers continue to line up for the altcoin and improve the prolonged uptrend chances. However, the $12 resistance remains a sharp obstacle in the bullish trend. If the uptrend manages to exceed the $12 mark, the rising demand can push the market value to the $15 mark.
However, a reversal from $12 can result in a retest of the $10 mark.
Source: https://coinpedia.org/price-analysis/link-price-analysis-will-link-cross-the-supply-barrier-at-12/