Chainlink Price Struggles To Break Above, Can Price Hit 10?

  • LINK price is stable above 50 EMA for daily intervals with a string. 
  • LINK rises after price looks $10 before its announcement about staking. 
  • Resistance is expected at $9 for the weekly period. 

Although Chainlink’s (LINK) prices showed recent bullish strength, the price still struggles to overcome key resistance to USDT. Chainlink (LINK) price is expected to rise due to the planned staking of December 2022. Despite this uncertainty, the price LINK looks decent and has held up well in the face of other altcoins’ significant drops in value. Data from Binance

Chart showing Chainlink’s Price Analysis on the Weekly Chart 

Chainlink Co-Founder Sergey Nazarov announces Staking Plans, Aims to Be Web3’s AWS, ahead of its scheduled plan to launch staking in December and a new economic model for the Web3 services platform at SmartCon 2022.

The price of LINK rose from $6.5 to $8 in the week, before declining to $7. It has now formed strong support for weekly price declines.

LINK prices moved higher from the $8.5 region to $10.

For LINK to be able to move higher with volume, it must first break the $9 resistance. We expect LINK to retest the $7 support zone where there is demand.

Weekly resistance for the price of LINK – $9.

Weekly support for the price of LINK – $7.

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

Source: LINKUSDT On| Source: LINKUSDT On

The daily price of LINK showed strength as it faced rejection to break $8.5. However the price held firm and maintained its bullish structure. 

If the price for LINK holds and maintains the structure that it formed over the daily timeframe we can expect the price to rise above $8.5 to a range of $9.

The price of LINK traded at $7.9 above its 50 Exponential moving average (EMA), but below the 200 EMA. The price of LINK is supported by the 50 EMA and the 200 EMA. On the basis of the daily LINK price, the prices of $7.5 and $9.8 are the same as the 50 and 200 EMA.

A close above $7.5 may see LINK’s price retest lower areas as it invalidates the bullish setup.

Daily resistance for the LINK price – $9.8.

Daily support for the LINK price – $7.5.

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