Chainlink (LINK) Breaks Out Of Range; Will Bulls Push The Price To $12?

  •  LINK rallies with high volume as the price breaks above its range channel of $8 after a while as bulls eyes $12.
  •  LINK’s price continues to trend higher with strong volume as the market looks promising for many altcoins. 
  • LINK’s price remains strong on the daily timeframes as the price trades above the 50 Exponential Moving Average (EMA).

After having difficulty breaking this area with high volume, the market is now more than 180 days old. All assets have seen some relief, but Bitcoin (BTC), showing great traction and rallying the market, has enjoyed some success. As the price of Chainlink (LINK), could reward LINK marines, it rallies with force. (Data from Binance).

Chart showing Chainlink’s Price Analysis on the Weekly Chart

Many altcoins have continued to show over 2000% growth over the last week, breaking free of range bound movement. This is a sign that many people believe there may be more hope in the cryptocurrency space. 

Although the new week looked uncertain, things look more positive for altcoins like BAND. BAND rallied over 100% within 24 hours. This is a sign of price action as well volume for buying orders. The price action for LINK has been impressive, with it breaking out from its accumulation zone. It aims to climb higher and holding back sell orders around $7.6.

After falling from its peak of $50 a month back, the price LINK has struggled to hold a rally that left many feeling happy. 

On the weekly chart, LINK’s price was at $6. The price quickly bounced back to $8 and then to $7. The price did not bounce from this point, even though it formed a range because the price was in its accumulation phase. 

Weekly resistance for the price of LINK – $9.5-$10.8.

Weekly support for the price of LINK – $7.8.

Price Analysis of LINK on the Daily (1D), Chart

Source: LINKUSDT On| Source: LINKUSDT On

The price of LINK continued to be strong in the daily price range. It broke through its long-range accumulatio movement to a peak of $8.4. Now, it is aiming for a rally towards a daily high at $12. Where the price may face major resistance and break higher. 

The price of LINK trades at $8.3 above the 50 EMA, which indicates a good relief sign for LINK’s price on the daily timeframe. The 50 EMA support LINK values correspond to $7.3.

Daily resistance for the LINK price – $9-$10.5.

Daily support for the LINK price – $7.3.

Featured Image from Coin Culture Charts From Tradingview 

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