- LINK’s price shows strength as it attempts a major breakout from its range channel of over 180 days of accumulation as the price eyes a rally to $12.
- LINK could rise more if it creates more bullishness by breaking out from its range channel. But the price has struggled regain strength in the same way that Bitcoin (BTC) ranges.
- LINK’s price remains strong on the daily timeframe above the 50 Exponential Moving Average (EMA) as the price aims for more rallies.
Chainlink (LINK), a huge project with a lively community, is yet to show much volatility in its price action. Chainlink’s (LINK) stake is rapidly approaching and could cause fireworks in the price. It has been building for 6 months. Many altcoins are continuing to produce over 50% growth, which is making the crypto market more inviting. DOGE and Chainlink (LINK) have enjoyed some impressive runs in recent weeks, rising from a low $0.055 up to a high $0.15. Many other altcoins, such as DOGE, are eyeing a breakout. Data from Binance
Chart showing the price analysis for Chainlink (LINK).
Chainlink (LINK) has struggled to regain its bullish momentum in recent times; despite the uncertainty that has befallen the crypto space, the price of LINK hasn’t enjoyed a measure of relief after showing some price action on a few occasions rallying from a low of $6 to a high of $9.3 on the weekly chart before suffering a rejection back to its range movement.
These past few weeks were nothing but a dull and challenging time for crypto markets. This has had a negative impact on the prices of many altcoins, causing them to drop their support zone. Others are trying to keep their prices up.
After its weekly close of above $7.7, LINK’s price looked stronger as the price of LINK geared up for more upside price moves.The price of LINK has seen a slight rejection and is now in the $9.5 region.
Weekly resistance for the price of LINK – $9.5.
Weekly support for the price of LINK – $6.
Price Analysis of LINK on the Daily (1D), Chart
The daily price of LINK looked strong, as it attempted to breakout from the range channel. This was supported by good volume. LINK is targeting a rally up to $12 To rally to $12, the price of LINK must break above $8.2 support. The price of ATOM is still facing some rejection. It needs to hold above $14.5 to make the price more bullish.
The price of LINK is expected to resist breaking and holding above $8.2 channel resistance; a close in this area would be welcome for a price rise.
Daily resistance for the LINK price – $8.2.
Daily support for the LINK price – $7.3
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