Chainlink Coin Winning Streak Sets Its Next Target At $9.5
The Chainlink coin price has remained in a range-bound movement for nearly four months. Furthermore, the technical chart shows that $9.5 and $5.8 are the extreme barriers within which the prices continue to resonate. The recent V-shaped recovery in coin price aims to retest the $9.5 resistance.
Key points:
- A bullish breakout from $8.2 resistance will open a 16.5% growth opportunity for chainlink price
- High-wick rejection at the $8.2 mark suggests the sellers are actively defending this level
- The intraday trading volume in the LINK coin is $635.3 Billion, indicating a 3.52% gain.
Source- Tradingview
Fight off the recent sell-off in the crypto market; the Chainlink price rebounded from a $6.6 local support on September 22nd. The replenished bullish momentum triggered six consecutive green candles with significant boost volume action.
Thus, the bull run accounted for 24.5% growth and breached the overhead resistance of $8.2. However, the interested trade must wait for daily candle closing above this level to confirm a bullish breakout. Doing so will accelerate the ongoing rally to extend its gains.
Thus, the potential recovery should rise 16.5% higher to the range-top resistance of $9.5.
On a contrary note, if the sellers pull the price below the $8.1 level, the narrow consolidation between $8.1 and $6.6 will prolong a few more sessions.
In addition, until the Chainlink coin price resonates within the $9.5 and $5.8 barrier, the short-term trend will remain sideways.
Technical Indicator
Bollinger band indicator: the ongoing rally hints the indicators midline suggests the prices have witnessed a sharp rally in a relatively short time. Thus, the indicator suggests a minor pullback is needed to stabilize the altcoin prices.
Vortex indicator: the multiple crossovers between the VI+ and VI- slope accentuates the narrow consolidation in price action. However, these slopes currently aligned in a bullish setup indicate the buyers have the upper hand.
Chainlink Coin Price Intraday Levels
- Spot rate: $8.21
- Trend: Bullish
- Volatility: Low
- Resistance levels- $8 and $9.5
- Support levels- $7.38 and $6.65
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