Chainlink Price Outlook Targets $10 as Open Interest Jumps 10%

Chainlink price climbed 4.29% to $8.22 during the latest session as buyers returned across the broader cryptocurrency market. Over the last week, LINK has also risen by 7%, maintaining the short-term momentum at a positive trajectory. 

The open interest rose 10% with the trader participation stronger with the price remaining above the key zone of $8.20. The broader crypto market gained 3.14% to approximately 2.21 trillion after a positive report on inflation in the United States.

Bitcoin price rose more than 3% to $64,600, while Ethereum jumped 5% to around $1,875. XRP price gained nearly 3% and traded close to $1.10 during the same period. 

Traders are now watching June CPI and PPI releases for signs of easing inflation. Cooler data could support expectations for a more dovish Federal Reserve policy outlook ahead.

Chainlink Open Interest Jumps 10% as LINK Volume Surges

The activity of the chainlink derivatives expanded as traders became more exposed to the LINK futures markets. Trading volume climbed 18.34% to $337.08 million during the latest reporting period. In the meantime, open interest increased 10% and stood at $431.32 million, indicating increased capital in outstanding contracts. 

The joint rise indicates that the market is growing its participation and traders are setting up in anticipation of a potential price change. Increased volume also means that there is increased short-term demand and liquidity across derivatives platforms.

Chainlink Price Eyes $10 After Bullish Break Above Rising Channel

The LINK price rose to $8.31 as buyers drove the token out of its short-term upward channel. 

The four-hour RSI was 65.62, and momentum was close to the overbought zone and not going beyond the 70 mark. 

Meanwhile, the MACD line moved above the signal line, while the histogram returned to positive territory. These readings indicate that short-term momentum is still in the hands of buyers, though short-term pullbacks are still possible.

A continuous break on the upside that goes above $8.50 will clear the way to $9.00. Further strength may bring the psychological $10.00 target into focus as per the long-term LINK forecast. But then any failure to hold $8.00 may compromise the arrangement and reveal $7.70. The increasing channel is significant to the near-term trend of LINK.